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Boralex Closes the Purchase of the 230 MW Niagara Region Wind Farm, the Largest Acquisition of its History
Boralex Closes the Purchase of the 230 MW Niagara Region Wind Farm, the Largest Acquisitio...
About this update from Boralex Inc. Class A
[{"type":"text","content":"\n\n\n\nBoralex Closes the Purchase of the 230 MW Niagara Region Wind Farm, the Largest Acquisition of its History\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nMONTRÉAL, Jan. 18, 2017\n\n\n\nTHIS MEDIA RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES\n\n\n\nMONTRÉAL, Jan. 18, 2017 /CNW Telbec/ - Boralex Inc. (TSX: BLX) (\"Boralex\" or the \"Corporation\") announces that it has closed its previously announced acquisition of all of the economic interest of Enercon Canada Inc. (\"Enercon\") in the 230 MW Niagara Region Wind Farm (\"NRWF\") for a total cash consideration of $232.4 million, subject to adjustments under the acquisition agreements (the \"Transaction\").\n\nThe Transaction adds 230 MW of clean energy to Boralex's asset portfolio's weighted average PPA term to 16 years. NRWF is expected to generate approximately $84 million in annual run-rate EBITDA(A) and the Transaction is expected to be double-digit accretive to 2017 discretionary cash flow per share. \n\nThe Transaction was financed in part through a public offering of subscription receipts of Boralex (the \"Subscription Receipts\"), for gross proceeds of approximately $172,518,975 (the \"Offering\"), which includes the full exercise of the over-allotment option by the Underwriters (as defined below). \n\nThe Subscription Receipts were offered by way of a short form prospectus dated December 16, 2016 in all of the provinces of Canada. The Subscription Receipts were, under their terms, exchangeable on a one-for-one basis for class A shares of Boralex (the \"Common Shares\"), for no additional consideration or further action, upon closing of the Transaction. \n\nThe Offering, which closed on December 23, 2016, was completed through a syndicate of underwriters led by National Bank Financial Inc. and RBC Capital Markets, and including BMO Nesbitt Burns Inc., CIBC World Markets Inc., Desjardins Securities Inc., TD Securities Inc., Cormark Securities Inc., Industrial Alliance Securities Inc. ...