Capital Power Corporation reported the pricing of a public offering in Canada market of the unsecured medium term notes in the amount principal of C$350 million. The notes comprises the coupon rate of 3.147% and are supposed to mature on October 1, 2032.
The Offering will close on or about October 1, 2020, subject to customery conditions and all required approvals.
Capital Power also announced about the projected redemption scheduled for October 9, 2020 in the principal amount to C$251,181,000 which comprises all of its outstanding 5.276% medium term notes, which will due November 16, 2020.
The redemption price is set at C$1,025.61 per C$1,000 principal amount that is for the November 2020 Notes. It makes total C$257,614,750.13 by including the applicable early redemption premiums and accrued along with unpaid interest to be attained and which also include the redemption date of the November 2020 Notes from the day immediately preceding. For this the Capital Power has sent a notice in the redemption regarding the the November 2020 Notes indenture governing.
Capital Power intends to use the net proceeds attained from the Offering for repaying, redeeming or refinancing the existing indebtedness, or for general corporate purposes. The notes coming under the Offering have the S&P Global Ratings provided BBB- rate and DBRS Limited’s BBB.