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Gaz Métro Announces A Private Placement Of Senior Secured Notes

Stocks in this article: VNR

MONTREAL, Feb. 5, 2013 /CNW Telbec/ - Gaz Métro inc. (" GMi") announced today that it has entered into an agreement to sell to certain institutional investors in the United States on a private placement basis U.S. $200 million aggregate principal amount of 4.04% senior secured notes due 2043 and 4.19% senior secured notes due 2048 (together, the " Notes"). The Notes will be secured by a guarantee as to payment of principal and interest by Gaz Métro Limited Partnership (" Gaz Métro"), together with collateral security backed by the assets of GMi and Gaz Métro.

Proceeds from the private placement will be loaned by GMi to Gaz Métro on substantially similar terms as to interest rate and maturity, and will be used by Gaz Métro for the refinancing of existing debt and for general corporate purposes. The funding of the Notes is anticipated to occur prior to April 30, 2013.

The Notes have not been registered under the U.S. Securities Act of 1933, as amended (the " Securities Act") or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from registration under the Securities Act and applicable state securities laws.

Overview of Valener

Valener Inc. (Valener) owns an economic interest of approximately 29% in Gaz Métro. Valener therefore has a stake in the energy industry and benefits from Gaz Métro's diversified profile, both in terms of geography and business segment. Valener also owns a 24.5% indirect interest in the wind power projects jointly developed with Gaz Métro and Boralex Inc. on the private lands of Séminaire de Québec. Valener's common shares and preferred shares are listed on the Toronto Stock Exchange under the "VNR" trading symbol for common shares and under the "VNR.PR.A" symbol for Series A preferred shares. www.valener.com.

Overview of Gaz Métro and GMi

GMi mainly holds an economic interest of approximately 71% in Gaz Métro, for which it acts as the General Partner and a financing vehicle.

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