Boralex nabs USD 90m to refinance debt

Jun 28, 2013 - Canadian renewable projects developer Boralex Inc (TSE:BLX) on Thursday said it had secured USD 90 million (EUR 69m) to refinance debt related to two hydropower projects.

The long-term funding will enable the company to pay down the outstanding debt of USD 70.7 million for Boralex' 46-MW run-of-river hydropower plant Hudson Falls and the 14-MW South Glens Falls hydropower station, both in the state of New York. In addition, it will be able to back its development projects using the remainder of the proceeds, it said.

The non-recourse funding was arranged by Bank of America Merrill Lynch (NYSE:BAC) and TD Securities Inc. It carries an interest rate of 3.51% per year. The funds will be available no later than the start of September 2013 when the current debt of the company matures, it noted.

(USD 1.0 = EUR 0.767)

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