Boralex Inc. has announced the closing of refinancing for its revolving corporate credit facility in a total amount of C$360 million (US$287 million), comprising a C$300 million (US$240 million) revolving credit facility and a C$60 million (US$47 million) letter of credit facility guaranteed by Export Development Canada.
This refinancing replaces the C$175 million (US$140 million) revolving credit facility which was maturing in June 2018. It is secured primarily by certain of Boralex’s assets, including its hydroelectric power stations located in Québec. With an initial term of four years (April 2020), renewable annually, the refinancing will allow the corporation further development.
This refinancing has been arranged by National Bank of Canada in the capacity of lead arranger. In addition to National Bank of Canada, the banking syndicate includes the following Canadian and U.S. banks:
Boralex President and Chief Executive Officer Patrick Lemaire, said:
“We are proud of this evidence of support from the financial community for Boralex and its outlook for the future. This refinancing will significantly improve our financial flexibility and will allow capital to be allocated to new projects, enabling us to pursue growth objectives.”