By Cristal Cody
Prospect News, Feb. 19 - Comber Wind Financial Corp. priced C$450 million of series 1 senior secured amortizing bonds due Nov. 15, 2030 at par to yield 5.132% on Tuesday, according to a syndicate source.
The bonds (DBRS: BBB) priced at a spread of 300 basis points over the Canadian bond curve, in line with guidance.
The issue has a weighted average life through August 2023.
Scotia Capital Inc. was the bookrunner.
In the secondary market, the bonds traded 2 bps tighter at 298 bps bid late afternoon.
The issuer, the financing arm of Comber Wind LP, a wind power farm in Essex County, Ont., that is indirectly owned by Brookfield Renewable Energy Partners LP, will use the proceeds to repay existing debt and loan any excess to the project general partnership.
| Issuer: | Comber Wind Financial Corp.
|
| Amount: | C$450 million
|
| Maturity: | Nov. 15, 2030
|
| Weighted average life: | August 2023
|
| Securities: | Senior secured amortizing bonds
|
| Bookrunner: | Scotia Capital Inc.
|
| Co-managers: | CIBC World Markets Inc., RBC Dominion Securities Inc.
|
| Coupon: | 5.132%
|
| Price: | Par
|
| Yield: | 5.132%
|
| Spread: | 300 bps over Canadian bond curve
|
| Pricing date: | Feb. 19
|
| Settlement date: | Feb. 22
|
| Rating: | DBRS: BBB
|
| Distribution: | Canada
|
| Price talk: | 300 bps over Canadian bond curve
|
| Marketing: | Roadshow
|
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