Northland says it will privately place the bonds – carrying a 4.4% coupon – by 8 October, with Scotia Capital and CIBC World Markets co-leading the placement.
Backed by six ground-mount solar farms completed last year in Ontario, the non-recourse bonds have been given a provisional rating of BBB (high) by Canadian rating agency DBRS.
The bond proceeds will be used to repay existing bank debt, settle associated interest-rate swaps, and cover transaction costs, with the remainder going toward general corporate purposes.
Northland Power – which owns 1.36GW
