Bruce Power completes C$600 million issue of senior notes
Torys acted as counsel to the syndicate of agents co-led by CIBC World Markets, RBC Capital Markets and TD Securities with a team that included Michael Zackheim, Brett Saulnier and Alison Shamie (corporate/securities).
On March 23, 2023, Bruce Power L.P. (“Bruce Power”) completed the issuance of C$600 million in green bonds. The issuance included C$300 million aggregate principal amount of Series 2023-1 4.70% senior notes, due December 21, 2027 and C$300 million aggregate principal amount of Series 2023-2 4.99% senior notes, due December 21, 2032.
The senior notes were issued through a syndicate of agents co-led by CIBC World Markets Inc., RBC Capital Markets and TD Securities Inc., and which included BMO Capital Markets, HSBC Securities (Canada) Inc., National Bank Financial Inc. and Scotia Capital Inc.
Proceeds from the offering will be used or allocated in accordance with Bruce Power’s Green Financing Framework to finance or re-finance eligible investments associated with life extension and increasing output of existing units, both of which contribute to Canada’s prosperous, clean energy future, and advance its climate change objectives.
Bruce Power became the first nuclear operator in the world to successfully issue green bonds in 2021, raising C$500 million.
Further information can be found on Globe Newswire’s website.
Bruce Power is Canada's first private nuclear generator, providing 30% of Ontario's power.