Polaris Renewable Energy Successfully Places USD 175 Million Bond Issue
Polaris Renewable Energy has successfully completed a USD 175 million senior secured green bonds private placement. The bonds feature a five-year tenor with a 9.5% fixed coupon rate, payable semi-annually, and are rated BB- by S&P Global Ratings. The bond issue, conducted under the company's green finance framework, will be used to refinance existing debt, acquire the Punta Lima wind farm in Puerto Rico, and invest in renewable energy assets. Settlement is expected around December 3, 2024. Pareto Securities served as lead manager and sole bookrunner.
Polaris Renewable Energy ha completato con successo un collocamento privato di obbligazioni verdi senior garantite per un valore di 175 milioni di dollari USA. Le obbligazioni presentano una durata di cinque anni con un tasso fisso di interesse del 9,5%, pagabile semestralmente, e sono valutate BB- da S&P Global Ratings. L'emissione di obbligazioni, effettuata sotto il quadro di finanziamento verde dell'azienda, sarà utilizzata per rifinanziare debiti esistenti, acquisire il parco eolico di Punta Lima a Porto Rico e investire in asset di energia rinnovabile. La liquidazione è prevista attorno al 3 dicembre 2024. Pareto Securities ha svolto il ruolo di lead manager e bookrunner esclusivo.
Polaris Renewable Energy ha completado con éxito un placement privado de bonos verdes garantizados por un valor de 175 millones de dólares estadounidenses. Los bonos tienen un plazo de cinco años con un tipo de interés fijo del 9,5%, pagadero semestralmente, y están calificados como BB- por S&P Global Ratings. La emisión de bonos, realizada bajo el marco de financiación verde de la empresa, se utilizará para refinanciar la deuda existente, adquirir el parque eólico Punta Lima en Puerto Rico e invertir en activos de energía renovable. Se espera que el acuerdo se complete alrededor del 3 de diciembre de 2024. Pareto Securities actuó como gestor principal y único bookrunner.
폴라리스 재생 에너지는 1억 7,500만 달러의 사회적 책임이 강화된 녹색 채권 사모 배치를 성공적으로 완료했습니다. 이 채권은 5년 만기로, 고정 이자율 9.5%로 반기별 지급되며, S&P 글로벌 등급에서 BB- 등급을 받았습니다. 이 채권은 회사의 녹색 금융 프레임워크에 따라 발행되었으며, 기존 부채 재조정, 푸에르토리코의 푼타 리마 풍력 발전소 인수 및 재생 가능 에너지 자산에 대한 투자에 사용될 예정입니다. 결제는 2024년 12월 3일 정도로 예상됩니다. 파레토 증권이 주간사 및 독점 북런너로 활동했습니다.
Polaris Renewable Energy a réussi à finaliser un placement privé d'obligations vertes sécurisées de 175 millions de dollars américains. Les obligations ont une durée de cinq ans avec un taux d'intérêt fixe de 9,5%, payable semestriellement, et sont notées BB- par S&P Global Ratings. L'émission d'obligations, réalisée dans le cadre du cadre de financement vert de l'entreprise, sera utilisée pour refinancer la dette existante, acquérir le parc éolien Punta Lima à Porto Rico et investir dans des actifs d'énergie renouvelable. Le règlement est prévu autour du 3 décembre 2024. Pareto Securities a été le gestionnaire principal et le bookrunner exclusif.
Polaris Renewable Energy hat erfolgreich eine private Platzierung von Senior-gesicherten Green Bonds im Wert von 175 Millionen USD abgeschlossen. Die Anleihen haben eine Laufzeit von fünf Jahren mit einem festen Kupon von 9,5%, der halbjährlich zahlbar ist, und sind von S&P Global Ratings mit BB- bewertet. Die Anleiheemission, die im Rahmen des grünen Finanzierungsrahmens des Unternehmens durchgeführt wurde, wird verwendet, um bestehende Schulden zu refinanzieren, den Windpark Punta Lima in Puerto Rico zu erwerben und in erneuerbare Energieanlagen zu investieren. Der Abschluss wird um den 3. Dezember 2024 erwartet. Pareto Securities fungierte als Lead-Manager und alleiniges Bookrunner.
- Secured significant funding of USD 175 million through green bond placement
- BB- rating from S&P Global Ratings indicates moderate credit quality
- Strategic acquisition of Punta Lima wind farm expanding operations to Puerto Rico
- Strong interest from international investors indicating market confidence
- High interest rate of 9.5% represents significant debt servicing cost
- Taking on substantial new debt could impact financial flexibility
TORONTO, ON / ACCESSWIRE / November 15, 2024 / Polaris Renewable Energy Inc. (TSX:PIF) ("Polaris" or the "Company") announces that it has successfully completed a private placement of USD 175 million senior secured green bonds. The bonds will have a tenor of five years and a fixed coupon rate of
Marc Murnaghan, Chief Executive Officer of Polaris comments: "We are very pleased to successfully place Polaris' inaugural bond issue with strong interest from a wide set of international investors. The bond optimizes the Company's capital structure and secures financing for further growth and increased diversification of cash flow."
Settlement of the bonds is expected to occur on or around December 3, 2024, subject to the satisfaction of customary conditions precedent. Net proceeds of the bonds will be used to refinance certain existing debt facilities, the acquisition of the Punta Lima wind farm in Puerto Rico and other investments in renewable energy assets.
Pareto Securities acted as lead manager and sole bookrunner for the bond issue.
The bonds have not been and will not be qualified for distribution in any province or territory of Canada. Accordingly, the bonds may not be offered or sold within any such province or territory except in transactions exempt from the prospectus requirements of applicable securities laws. No securities regulatory authority has either approved or disapproved the contents of this press release. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the bonds in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
About Polaris Renewable Energy Inc.
Polaris Renewable Energy Inc. is a Canadian publicly traded company engaged in the development, construction, acquisition, and operation of renewable energy projects in five countries in Latin America and the Caribbean.
The Company's operations include a geothermal plant (~82 MW), four run-of river hydroelectric plants (~40 MW), three solar (photovoltaic) projects in operation (~35 MW) and one wind park (26 MW) following closing of the Puerto Rico acquisition.
For more information, contact:
Investor Relations
Polaris Renewable Energy Inc.
Phone: +1 647-245-7199
Email: info@PolarisREI.com
Cautionary Statements
This press release contains certain "forward-looking information" which may include, but is not limited to, statements with respect to future events or future performance, the expected use of proceeds or rating(s) of any such issuance, the Company's acquisition and other investment plans, any benefits to the Company's financial or business performance, the settlement date of the bonds and the listing of the bonds on the Oslo Alternative Bond Market. Such forward-looking information reflects management's current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "predicts", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. Such factors include, among others, the ability of the Company to satisfy any interest payments, which may be affected by such factors as general business, economic, competitive, political and social uncertainties; the actual results of current geothermal, solar and hydro energy production, development and/or exploration activities and the accuracy of probability simulations prepared to predict prospective geothermal resources; changes in project parameters as plans continue to be refined; possible variations of production rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the geothermal and hydro power industries; political instability or insurrection or war; labour force availability and turnover; delays in obtaining governmental approvals or in the completion of development or construction activities, or in the commencement of operations; the ability of the Company to continue as a going concern and general economic conditions, as well as those factors discussed in the section entitled "Risk Factors" in the Company's Annual Information Form. These factors should be considered carefully and readers of this press release should not place undue reliance on forward-looking information.
Although the forward-looking information contained in this press release is based upon what management believes to be reasonable assumptions, there can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The information in this press release, including such forward-looking information, is made as of the date of this press release and, other than as required by applicable securities laws, Polaris assumes no obligation to update or revise such information to reflect new events or circumstances.
SOURCE: Polaris Renewable Energy Inc.
View the original press release on accesswire.com
FAQ
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