Boralex raises $421M in debut green bond sale
What's the deal? BoralexDealroom has a profile for this one. Try Dealroom → has agreed to issue US$440M of medium-term notes in its first-ever offering of green-labelled corporate securities. The Canadian renewable energy producer split the sale into US$183.3M of five-year notes at 4.503% and US$256.7M of 10-year notes at 5.173%, with closing expected on November 16.
Who's backing it? The private placement runs through a syndicate led by BMO Capital MarketsDealroom has a profile for this one. Try Dealroom →, CIBC Capital MarketsDealroom has a profile for this one. Try Dealroom →, Desjardins Capital Markets, National Bank of Canada Capital Markets, RBC Capital MarketsDealroom has a profile for this one. Try Dealroom →, ScotiabankDealroom has a profile for this one. Try Dealroom →, and TD SecuritiesDealroom has a profile for this one. Try Dealroom →, and including BrookfieldDealroom has a profile for this one. Try Dealroom → Securities Canada. Morningstar DBRS rated the notes BBB with a stable trend.
What's the money for? Boralex will use the proceeds to fund eligible investments under its green financing framework and to repay amounts owing on its corporate bridge credit facility.
Why now? The sale follows a busy financing stretch. In June, Boralex closed a €1.45 billion platform-level financing for its French operations, including a €450 million growth-project facility, and it earlier announced US$148.1M for its Oxford battery project.
What's the endgame? Founded in 1990 and now a Brookfield portfolio company, Boralex develops, builds, and operates wind, solar, hydro, and battery storage projects. Its installed capacity has grown more than 50% over five years to 3,822MW.
The signal: The issue adds longer-term funding flexibility as large Canadian clean-energy players tap the labelled debt market — Bruce PowerDealroom has a profile for this one. Try Dealroom → sold US$586.7M of green bonds in September.
Read more: Business Insider
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