Energir enters new C$800 million secured revolver

By William Gullotti

Buffalo, N.Y., July 13 – Energir Inc. (EI) and Energir, LP (ELP) entered into a new C$800 million secured revolving credit facility maturing July 13, 2027, according to a press release on Wednesday.

The new facility replaces the previous 2012-signed C$800 million credit facility which had EI as borrower and ELP as guarantor.

Under the new agreement, ELP becomes a borrower with EI remaining a co-borrower for an interim period of a few months. ELP’s assets will also act as collateral to back the new revolver.

According to the press release, the terms of the new agreement are substantially similar to the terms of the one it replaced.

ELP also issued an information memorandum for the issuance of up to C$800 million in commercial paper. The concurrent short-term promissory notes will be issued based on the financial requirements of ELP and will be supported by the credit agreement.

Outstanding EI-issued commercial paper will also be supported by the credit agreement until fully repaid. EI will cease issuing commercial paper in the near future.

Montreal-based Energir is a diversified energy company whose mission is to meet the energy needs of its 535,000 customers and the communities it serves in an increasingly sustainable way.

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