Polaris Renewable Energy Successfully Settles USD 175 Million Bond Issue
Polaris Renewable Energy has successfully settled a USD 175 million senior secured green bond private placement. The bonds feature a five-year tenor and a 9.5% fixed coupon rate with semi-annual interest payments. The issue includes a tap feature allowing access to an additional USD 50 million for future use.
Rated BB- by S&P Global Ratings, the bonds are issued under the company's green finance framework with Morningstar Sustainalytics' second-party opinion. The proceeds will be used to refinance existing debt, acquire the Punta Lima wind farm in Puerto Rico, and invest in renewable energy assets. Pareto Securities served as lead manager and sole bookrunner, while National Bank Financial acted as Capital Markets Advisor.
Polaris Renewable Energy ha concluso con successo un collocamento privato di obbligazioni verdi senior garantite per un importo di 175 milioni di USD. Le obbligazioni hanno una durata di cinque anni e un tasso fisso del 9,5% con pagamenti di interessi semestrali. L'emissione include una caratteristica di tap che consente l'accesso a ulteriori 50 milioni di USD per usi futuri.
Valutate BB- da S&P Global Ratings, le obbligazioni sono emesse nell'ambito del framework di finanziamento verde dell'azienda con l'opinione di seconda parte di Morningstar Sustainalytics. I proventi saranno utilizzati per rifinanziare debiti esistenti, acquisire il parco eolico Punta Lima di Porto Rico e investire in beni di energia rinnovabile. Pareto Securities ha funto da lead manager e bookrunner esclusivo, mentre National Bank Financial ha agito come consulente per i mercati dei capitali.
Polaris Renewable Energy ha realizado con éxito una colocación privada de bonos verdes asegurados senior por un total de 175 millones de USD. Los bonos tienen un plazo de cinco años y una tasa de cupón fija del 9,5% con pagos de intereses semestrales. La emisión incluye una característica de tap que permite acceder a otros 50 millones de USD para futuros usos.
Calificados como BB- por S&P Global Ratings, los bonos se emiten bajo el marco de financiamiento verde de la empresa con la opinión de segunda parte de Morningstar Sustainalytics. Los ingresos se utilizarán para refinanciar la deuda existente, adquirir el parque eólico Punta Lima en Puerto Rico e invertir en activos de energía renovable. Pareto Securities actuó como gestor principal y bookrunner exclusivo, mientras que National Bank Financial actuó como asesor de mercados de capitales.
폴라리스 재생 에너지는 1억 7500만 달러 규모의 민간 발행된 선순위 녹색 채권을 성공적으로 조달했습니다. 이 채권은 5년 만기로, 9.5%의 고정 이자율을 가지며 반기 이자 지급이 이루어집니다. 이번 발행에는 향후 사용을 위한 추가 5000만 달러에 접근할 수 있는 옵션이 포함되어 있습니다.
S&P 글로벌 레이팅에서 BB- 등급을 받은 이 채권은 회사의 녹색 금융 프레임워크 아래 발행되었으며, 모닝스타 서스테이널리틱스의 제2자 의견을 바탕으로 합니다. 자금은 기존 부채를 재융자하고, 푸에르토리코의 푼타 리마 풍력 농장을 인수하며, 재생 가능 에너지 자산에 투자하는 데 사용됩니다. 파레토 증권이 리드 매니저이자 독점 북런너로서 역할을 수행했으며, 내셔널 뱅크 파이낸셜이 자본 시장 자문 역할을 했습니다.
Polaris Renewable Energy a réussi à réaliser un placement privé d'obligations vertes senior sécurisées d'un montant de 175 millions USD. Les obligations présentent un délai de cinq ans et un taux d'intérêt fixe de 9,5% avec des paiements d'intérêts semestriels. L'émission comprend une fonctionnalité de tap permettant d'accéder à 50 millions USD supplémentaires pour un usage futur.
Notées BB- par S&P Global Ratings, les obligations sont émises sous le cadre de financement vert de l'entreprise avec l'opinion de seconde partie de Morningstar Sustainalytics. Les produits seront utilisés pour refinancer la dette existante, acquérir le parc éolien Punta Lima à Porto Rico et investir dans des actifs d'énergie renouvelable. Pareto Securities a été le gestionnaire principal et le bookrunner exclusif, tandis que National Bank Financial a agi en tant que conseiller en marchés de capitaux.
Polaris Renewable Energy hat erfolgreich eine private Platzierung von senior gesicherten Green Bonds in Höhe von 175 Millionen USD vorgenommen. Die Anleihen haben eine Laufzeit von fünf Jahren und einen festen Kuponzins von 9,5% mit halbjährlichen Zinszahlungen. Die Emission umfasst eine Tap-Funktion, die den Zugang zu zusätzlichen 50 Millionen USD für künftige Zwecke ermöglicht.
Mit BB- von S&P Global Ratings bewertet, werden die Anleihen im Rahmen des Unternehmensrahmens für grüne Finanzen mit der Zweitmeinung von Morningstar Sustainalytics emittiert. Die Erlöse werden verwendet, um bestehende Schulden zu refinanzieren, den Windpark Punta Lima in Puerto Rico zu erwerben und in erneuerbare Energien zu investieren. Pareto Securities fungierte als Hauptmanager und alleiniger Buchführer, während National Bank Financial als Berater für die Kapitalmärkte tätig war.
- Secured significant funding of USD 175 million through green bond issuance
- Additional USD 50 million available through tap feature for future growth
- Acquisition of Punta Lima wind farm expanding operational assets
- BB- rating from S&P Global Ratings demonstrating creditworthiness
- High interest rate of 9.5% on the bonds increases debt servicing costs
- Taking on substantial new debt of USD 175 million affects leverage ratios
TORONTO, ON / ACCESSWIRE / December 4, 2024 / Polaris Renewable Energy Inc. (TSX:PIF) ("Polaris" or the "Company") announces that it has successfully settled a previously announced 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
The bond issue is rated BB- by S&P Global Ratings and is issued under the Company's green finance framework with second-party opinion from Morningstar Sustainalytics.
Marc Murnaghan, Chief Executive Officer of Polaris comments: "We are very pleased to successfully settle this 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."
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.
National Bank Financial Inc. acted as Capital Markets Advisor on the transaction.
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
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