Transactions & Cases Detail



Transaction/Case Details

CIBC, BMO, Union Bank and syndicate of lenders complete C$580 million financing of gas-fired combined-cycle power station in North Battleford, Saskatchewan

DATE CLOSED

August 24, 2010

BUSINESS SECTOR

Power

LEAD OFFICE

Toronto

VALUE

580 Million CAD


OVERVIEW

On August 24, 2010, North Battleford Power L.P., a subsidiary of Northland Power Income Fund, completed project financing of up to C$580 million to finance the construction and operation of a 260 megawatt gas fired combined cycle power generation facility situated in the Rural Municipality of North Battleford, Saskatchewan.

The credit facility was arranged by Canadian Imperial Bank of Commerce, BMO Capital Markets and Union Bank, Canada Branch acting as co-lead arrangers with Canadian Imperial Bank of Commerce also acting as administrative agent for the lenders consisting of Canadian Imperial Bank of Commerce, Bank of Montreal, Union Bank, Canada Branch, Allied Irish Banks p.l.c., National Bank of Canada, The Bank of Nova Scotia, Bayerische Landesbank, New York Branch, Canadian Western Bank, Landesbank Hessen-Thüringen Girozentrale, Mizuho Corporate Bank, Ltd., Natixis, New York Branch, Siemens Financial Ltd., Société Générale (Canada Branch), Sumitomo Mitsui Banking Corporation of Canada and The Toronto-Dominion Bank (collectively, the “Lenders”).  Allied Irish Banks, p.l.c. and National Bank of Canada acted as co-documentation agents.

McCarthy Tétrault LLP acted as counsel to Canadian Imperial Bank of Commerce, BMO Capital Markets and Union Bank and the syndicate of lenders in connection with the financing.

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