Bruce Power completes C$1 billion issue of senior unsecured notes
On June 23, 2016, Bruce Power L.P. completed its first stand-alone issuance, following the establishment of an unlimited aggregate principal amount of senior unsecured note program. Under the terms of the program, Bruce Power issued C$600 million aggregate principal amount of Series 2016-1 senior unsecured notes, due June 23, 2021 and C$400 million aggregate principal amount of Series 2016-2 senior unsecured notes, due June 23, 2026, for total aggregate proceeds of C$1 billion.
The notes were marketed on a best-efforts basis through a syndicate of agents co-led by Scotia Capital Inc. and TD Securities Inc., and which included BMO Nesbitt Burns Inc., CIBC World Markets Inc., HSBC Securities (Canada) Inc., National Bank Financial Inc., RBC Dominion Securities Inc. and BNP Paribas (Canada) Securities Inc.
The offering represents the first such issuance in Canada by a nuclear power producer.
Bruce Power is Canada's first private nuclear generator, providing 30% of Ontario's power.
The Torys team included Rose Bailey, Jonathan Weisz, Michael Zackheim, Yinka Olusoga, Dan Doubilet and Brett Saulnier (corporate/securities).
Torys also acted on the following in connection with this project:
- BMO Nesbitt Burns, Scotia Capital, TD Securities and the syndicate of agents in Bruce Power L.P.’s C$600 million private placement of 4.27% senior unsecured notes, Series 2024-2
- Scotia Capital, CIBC World Markets, RBC Capital Markets and the syndicate of agents in Bruce Power L.P.’s C$600 million private placement of 4.70% senior unsecured notes, Series 2024-1
CIBC World Markets, RBC Capital Markets, TD Securities and the syndicate of agents in Bruce Power L.P.'s C$600 million debt financing, including C$300 million of 4.70% Series 2023-1 senior notes and C$300 million of 4.99% Series 2023-2 senior notes
BMO Capital Markets, HSBC Securities (Canada), TD Securities and the syndicate of agents in Bruce Power LP's C$500 million private placement of green bonds—its inaugural green bond offering and the world’s first green bond for nuclear power
BMO Nesbitt Burns, CIBC World Markets, Scotia Capital and the syndicate of agents in Bruce Power L.P.'s C$600 million private placement of 4.00% senior unsecured notes, Series 2020-1
Scotia Capital, TD Securities and the syndicate of agents in Bruce Power LP's C$750 million debt financing, including C$350 million of 3.00% Series 2017-1 senior unsecured notes and C$400 million of 4.01% Series 2017-2 senior unsecured notes
Scotiabank, TD Bank and the club of lenders in the C$2 billion banking facilities made available to Bruce Power LP in connection with its C$13 billion investment program to refurbish the Bruce A and Bruce B Nuclear Generation Stations in southwestern Ontario
Ontario Power Generation and the Province of Ontario in the sale of British Energy plc's 82% interest in Bruce Power L.P. to a consortium of investors, including Cameco Corporation, TransCanada Pipelines Limited and BPC Generation Infrastructure Trust (an affiliate of OMERS)
| Jurisdiction | Kincardine (near Tiverton) |
| Province/State | Ontario |
| Country | Canada |
| Nature of Engagement | Refinance |
| Government Level | Provincial |
| Client | Scotia Capital, TD Securities and the syndicate of agents |
| Client Role | Dealer |
| Value | $1,000,000,000 CAD |