ACCESSWIRE – Wed Dec 4, 10:05AM CST
TORONTO, ON / ACCESSWIRE / December 4, 2024 / Polaris Renewable Power Inc. (TSX:PIF) (“Polaris” or the “Firm”) pronounces that it has efficiently settled a beforehand introduced personal placement of USD 175 million senior secured inexperienced bonds. The bonds can have a tenor of 5 years and a set coupon charge of 9.5% % each year, with curiosity payable in semi-annual instalments. Moreover, the Inexperienced Bond will embrace a faucet function, permitting for entry to a further USD $50 million in funding for potential future makes use of.
The bond subject is rated BB- by S&P International Scores and is issued below the Firm’s inexperienced finance framework with second-party opinion from Morningstar Sustainalytics.
Marc Murnaghan, Chief Government Officer of Polaris feedback: “We’re very happy to efficiently settle this inaugural bond subject with robust curiosity from a large set of worldwide traders. The bond optimizes the Firm’s capital construction and secures financing for additional development and elevated diversification of money move.”
Web proceeds of the bonds can be used to refinance sure present debt amenities, the acquisition of the Punta Lima wind farm in Puerto Rico and different investments in renewable power belongings.
Pareto Securities acted as lead supervisor and sole bookrunner for the bond subject.
Nationwide Financial institution Monetary Inc. acted as Capital Markets Advisor on the transaction.
The bonds haven’t been and won’t be certified for distribution in any province or territory of Canada. Accordingly, the bonds is probably not supplied or offered inside any such province or territory besides in transactions exempt from the prospectus necessities of relevant securities legal guidelines. No securities regulatory authority has both accepted or disapproved the contents of this press launch. This press launch shall not represent a suggestion to promote or the solicitation of a suggestion to purchase nor shall there be any sale of the bonds in any jurisdiction wherein such supply, solicitation or sale can be illegal previous to the registration or qualification below the securities legal guidelines of any such jurisdiction.
About Polaris Renewable Power Inc.
Polaris Renewable Power Inc. is a Canadian publicly traded firm engaged within the growth, development, acquisition, and operation of renewable power initiatives in 5 international locations in Latin America and the Caribbean.
The Firm’s operations embrace a geothermal plant (~82 MW), 4 run-of river hydroelectric crops (~40 MW), three photo voltaic (photovoltaic) initiatives in operation (~35 MW) and one wind park (26 MW) following closing of the Puerto Rico acquisition.
