National Bank of Canada Arranges Boralex Revolver
Boralex has completed the refinancing of its corporate revolving credit facility for an amount of C$130 million and improves its financial flexibility. Boralex also announces the reimbursement of its C$35 million loan maturing on July 9, 2014.
This refinancing was arranged by National Bank of Canada in the capacity of lead arranger. In addition to National Bank of Canada, the banking syndicate includes The Toronto-Dominion Bank, Canadian Imperial Bank of Commerce, Bank of Montreal, Caisse Centrale Desjardins and Comerica Bank, an American bank.
This refinancing replaces the facility of C$60 million which was scheduled to expire on June 30. It is secured by the assets of Boralex including its hydroelectric plants in Quebec. With an initial term of four years, renewable annually thereafter, this refinancing will allow the Company to further support its development.
Boralex is a power producer whose core business is dedicated to the development and the operation of renewable energy power stations. Currently, the corporation operates an asset base with an installed capacity of more than 650 MW in Canada, France and the Northeastern United States. Boralex is also committed under power development projects, both independently and with Canadian and European partners, to add approximately 250 MW of power that will be put in service by the end of 2015.