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North Battleford Power completes C$667.3 million private placement of bonds

Date Closed

September 20, 2013

Lead Office



667.30 Million CAD

On September 20, 2013, North Battleford Power LP issued C$667.3 million principal amount of 4.958% senior secured amortizing bonds, Series A due December 31, 2032 on a private placement basis. North Battleford, a wholly owned subsidiary of Northland Power Inc., owns a 260 MW natural gas-fired combined cycle electricity generation facility and certain ancillary assets located North Battleford, Saskatchewan. North Battleford has a baseload power purchase agreement with Saskatchewan Power that expires on June 4, 2033. The bonds were rated “A (low)” stable by DBRS.
CIBC World Markets Inc. was the lead agent. The syndicate included BMO Nesbitt Burns Inc., Casgrain & Company Limited, National Bank Financial Inc., Scotia Capital Inc. and TD Securities Inc. North Battleford used the proceeds to repay its existing bank debt, settle associated interest rate swaps and pay transaction costs. The remainder will be distributed to Northland for general corporate purposes.
McCarthy Tétrault LLP represented CIBC World Markets, as the agent, with a team that included Linda Brown and Morgan Troke.