April 10, 2013
/CNW Telbec/ - Valener Inc. ("
") announced today that Gaz Métro inc. ("
") has completed its previously announced private placement of U.S.
aggregate principal amount of
4.04% senior secured notes due 2043 and 4.19% senior secured notes due 2048 (together, the "
") to certain institutional investors in
the United States
. The Notes are secured by a guarantee as to payment of principal and interest by Gaz Métro Limited Partnership ("
"), 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 Notes have not been registered under the U.S. Securities Act of 1933, as amended (the "
") 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 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.
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.