Lower Mattagami River Project
Torys acted as counsel to CIBC World Markets and BMO Nesbitt Burns as the lenders and agents in the establishment of a capital markets platform by Lower Mattagami Energy Limited Partnership (LMELP) and Lower Mattagami Limited Partnership (LMLP), both established by Ontario Power Generation, in connection with the redevelopment of its existing hydroelectric generating assets on the Mattagami River in northeastern Ontario.
The project won the Association for Financial Professionals' 2011 Pinnacle Award, which recognizes excellence in treasury and finance.
Northern Ontario's largest hydroelectric project, the project is comprised of four hydroelectric generating stations located along the Mattagami River, with a total combined capacity of 924 MW
- Harmon Generating Station (220 MW)
- Kipling Generating Station (232 MW)
- Little Long Generating Station (205 MW)
- Smoky Falls Generating Station (267 MW)
The complex is jointly owned by Ontario Power Generation (75%) and the Moose Cree First Nation (25%).
Further information on the project can be found on OPG’s website.
On May 17, 2011, Lower Mattagami Energy Limited Partnership (the Partnership) issued, by way of private placement, C$225 million aggregate principal amount of 4.331% Series 2011-3 Senior Secured Bonds, due May 18, 2021 and C$250 million aggregate principal amount of 5.139% Series 2011-4 Senior Secured Bonds, due May 18, 2041 (the bonds).
Each series of bonds was offered for sale on a best efforts basis by a syndicate of agents co-led by BMO Nesbitt Burns Inc. and CIBC World Markets Inc., and including HSBC Securities (Canada) Inc., National Bank Financial Inc., RBC Dominion Securities Inc., Scotia Capital Inc. and TD Securities Inc.
The net proceeds of the offering will be used to fund the redevelopment and expansion of four hydroelectric generating stations on the lower part of the Mattagami River in northeastern Ontario.
Further information is found on Canada Newswire's website.
The Torys team included Rose Bailey and Nina Mansoori (corporate) and Michael Zackheim (securities).
Torys also acted on the following in connection with this project:
CIBC World Markets and the syndicate of agents in Lower Mattagami Energy Limited Partnership’s C$250 million private placement of 4.854% senior secured bonds, Series 2022-1
CIBC World Markets, BMO Nesbitt Burns and the syndicate of agents in Lower Mattagami Energy Limited Partnership’s C$375 million private placement of 2.433% senior secured bonds, Series 2021-1
BMO Nesbitt Burns, CIBC World Markets and the syndicate of dealers in Lower Mattagami Energy Limited Partnership's C$220 million private placement of 2.307% Series 2016-1 senior secured bonds
CIBC World Markets, BMO Nesbitt Burns and the syndicate of agents in Lower Mattagami Energy Limited Partnership's C$200 million private placement of 3.416% Series 2014-1 senior secured bonds
CIBC World Markets, BMO Nesbitt Burns and the syndicate of agents in Lower Mattagami Energy Limited Partnership's C$200 million private placement of 4.944% Series 2013-2 senior secured bonds
CIBC World Markets, BMO Nesbitt Burns and the syndicate of agents in Lower Mattagami Energy's private placement of C$275 million 4.176% senior secured bonds
CIBC World Markets, BMO Nesbitt Burns and the syndicate of agents in Lower Mattagami Energy Limited Partnership's C$200 million private placement of 2.228% senior secured bonds
| Jurisdiction | Northeastern Ontario |
| Province/State | Ontario |
| Country | Canada |
| Nature of Engagement | Refinance, Project Finance |
| Government Level | Provincial |
| Client | CIBC World Markets and BMO Nesbitt Burns as the lenders and agents |
| Client Role | Lender |
| Key Features | Indigenous involvement |