Capstone obtains C$100m financing
Toronto-based Capstone Infrastructure Corporation has announced approximately C$100m ($91.5m) in new project-level and corporate financings with $60.5m earmarked for the 24MW Saint-Philemon wind farm in Quebec.
The credit facility was arranged by Stonebridge Financial Corporation.
Tranche A of the facility for Saint-Philemon totals $56.1m, bears 5.5% fixed-rate interest at a fixed rate of 5.5% and is non-amortizing during the construction period.
Following construction completion, Tranche A will convert to a fully amortizing term loan maturing in May 2034 and bearing interest at the same fixed rate of 5.5%.
Tranche B of the facility is $4.4m, bears interest at a rate of 4.0%, and will be fully repaid shortly after construction completion.
The Saint-Philémon project is expected to be commissioned during the fourth quarter of 2014.
Capstone has also increased the capacity of its existing corporate credit facility to $90m from $50m previously, thereby enhancing the corporation's financial flexibility