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TransAlta Announces Redemption Price in Respect of its 6.650% Senior Notes due 2018
TransAlta Announces Redemption Price in Respect of its 6.650% Senior Notes due 2018 ...
About this update from Transalta Corporation
[{"type":"text","content":"\n\n\n\nTransAlta Announces Redemption Price in Respect of its 6.650% Senior Notes due 2018\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\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, March 12, 2018\n\n\n\nCALGARY, March 12, 2018 /CNW/ - TransAlta Corporation (\"TransAlta\" or the \"Company\") (TSX: TA; NYSE: TAC) announces that pursuant to its notice dated February 2, 2018 (the \"Notice\") relating to the redemption of all of its outstanding 6.650% Senior Notes due 2018 (the \"Notes\"), the redemption price for the Notes will be US$515,610,000. This redemption price consists of the sum of the present values of the remaining scheduled payments of principal and interest on the Notes (exclusive of interest accrued to the redemption date) of US$504,110,000 (based on a benchmark treasury rate of 1.508% plus 45 basis points), plus US$11,500,000 in accrued and unpaid interest to the redemption date for the Notes, all as calculated in accordance with the terms of the indenture governing the Notes.\n\nThe redemption date for the Notes is March 15, 2018, as set forth in the Notice.\n\n\"The repayment of these notes reflects our focus to reduce our corporate debt,\" said Donald Tremblay, Chief Financial Officer. \"We will fund the maturity with approximately $300 million of cash on hand, proceeds from the Sundance PPA termination, expected at the end of March, and our credit facility.  Over the past two years we have reduced our debt by $900 million and we are committed to our deleveraging strategy over the next three years.\"\n\nThis press release does not constitute an offer to sell or buy or the solicitation of an offer to buy or sell any security and shall not constitute an offer, solicitation, sale or purchase of any securities in any jurisdiction in which such offering, solicitation, sale or purchase would be unlawful.\n\nAbout TransAlta Corporation: \n\nTransAlta owns, operates and develops a diverse fleet of electrical power generation assets in Canada, the United States and Australia with a focus on long-term shareholder value. We provide municipalities, medium and large indust...