Business
Capital Power L.P. completes US$295 million private placement of senior notes
Jun. 15, 2011 (Canada NewsWire Group) -- EDMONTON, June 15, 2011 /CNW/ - Capital Power L.P., ...
About this update from Capital Power Corporation
[{"type":"text","content":"\n\n\n Jun. 15, 2011 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\nEDMONTON, June 15, 2011 /CNW/ - Capital Power L.P., the legal entity\n that directly and indirectly holds substantially all of Capital Power\n Corporation's assets (TSX: CPX) announced today that its indirect\n subsidiary, Capital Power U.S. Financing LP ("the Issuer"), has closed\n a US$295 million private placement of senior notes. The net proceeds\n from the transaction will primarily be used to fund growth initiatives\n including the recent acquisitions of three New England facilities and\n for general corporate purposes.\n\n\nThe senior notes consist of two notes with 10 and 15-year terms. The\n 10-year senior note has a principal amount of US$230 million that\n matures in May 2021 with a coupon rate of 5.21%. The 15-year senior\n note has a US$65 million principal amount and matures in May 2026 with\n a coupon rate of 5.61%.\n\n\n"This US dollar private placement supports our long-term debt financing\n for our recent New England acquisitions," said Stuart Lee, Senior Vice\n President & CFO. "The transaction improves the company's financial\n flexibility and further extends the debt maturity profile. In addition,\n the US dollar-denominated debt will act as a natural foreign exchange\n hedge to the US dollar cash flows generated from these facilities."\n\n\nBank of America Merrill Lynch was the sole financial institution that\n led the private placement.\n\n\n\n\nAbout Capital Pow...