ACCESSWIRE - Wed Dec 4, 10:05AM CST
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 9.5% percent per annum, with interest payable in semi-annual instalments. Furthermore, the Green Bond will include a tap feature, allowing for access to an additional USD $50 million in funding for potential future uses.
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.
The San Jacinto-Tizate Geothermal Plant in Nicaragua, an 82 MW capacity geothermal facility. Source: https://polarisrei.com/portfolio/san-jacinto/
For more information, contact:
Investor Relations
Polaris Renewable Energy Inc.
Phone: +1 647-245-7199
Email: info@PolarisREI.com