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Transaction/Case Details

Northland Power Solar Finance One L.P. Completes $232 Million Private Placement Offering of Bonds

DATE CLOSED

October 8, 2014

BUSINESS SECTOR

Financial Services

LEAD OFFICE

Vancouver

VALUE

232 Million CAD


OVERVIEW

On October 8, 2014, Northland Power Solar Finance L.P. issued C$232 million principal amount of 4.397% Senior Secured Amortizing Bonds due 2032 on a private placement basis. The bonds are backed by six ground mounted solar phase I projects, each a wholly-owned subsidiary of Northland Power Inc.. The six ground mounted solar phase I projects each own and operate a 10MW ground-mounted solar facility. The facilities sell all electricity to the Ontario electricity grid under 20-year Feed-in Tariff Contracts with the Ontario Power Authority.

Scotia Capital Inc. and CIBC World Markets Inc. were co-lead agents for the offering and BMO Nesbitt Burns Inc., National Bank Financial and Casgrain & Company were also part of the syndicate. The proceeds of the bonds were transferred by the issuer to the ground mounted solar phase I projects to repay existing bank debt, settle associated interest rate swaps and pay transaction costs, with the remainder distributed to Northland Power for general corporate purposes.

McCarthy Tétrault LLP represented the agents with a team consisting of Linda Brown, Matthew Lawson, Pavan Jawanda, Morgan Troke, Sebastian Nishimoto and Monika Sawicka.

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