Northwestern Hydro Acquisition Co II LP and Northwestern Hydro Acquisition Co III LP issued C$1.08 billion of bonds on a private placement basis and RBC Dominion Securities acted as agent on the transaction

Date Closed

March 13, 2019

Lead Office

Toronto

Value

1.08 Billion CAD

In March 2019, RBC Dominion Securities acted as agent in connection with the sale to bondholders of an aggregate principal amount of C$1.08 billion in senior secured bonds issued by Northwestern Hydro Acquisition Co II LP and Northwestern Hydro Acquisition Co III LP in connection with three run-of-river hydro-electric generating facilities located in northwestern British Columbia.

The proceeds of the bonds were used to refinance existing bank debt under two separate bridge credit facilities used by each of the Issuers to separately acquire a 27.5% stake in Coast Mountain Hydro Limited Partnership from AltaGas Ltd. (such acquisition closed in January 2019). The Issuers are owned indirectly by Axium Infrastructure and Manulife Financial Corporation, who had previously acquired a 35% indirect stake in the same portfolio of assets from AltaGas Ltd in 2018.

McCarthy Tétrault advised RBC Dominion Securities with a team led by Gordon Baird that included Scott Bergen and Karen Luu (Business), Madeleine Hawkins (Real Property), Robert Nearing (Tax), and Selina Lee-Andersen (Regulatory/Aboriginal).

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