Enercare Solutions announces completion of offering of C$500 million of senior unsecured notes
On February 21, 2017, Enercare Solutions Inc. ("Enercare Solutions"), a wholly-owned subsidiary of Enercare Inc., announced that it completed its previously announced offering of C$500 million aggregate principal amount of Senior Unsecured Notes consisting of C$275 million aggregate principal amount of 3.38% Series 2017-1 Senior Unsecured Notes due February 21, 2022 ("Series 2017-1 Notes") and C$225 million aggregate principal amount of 3.99% Series 2017-2 Senior Unsecured Notes due February 21, 2024 ("Series 2017-2 Notes"). The Series 2017-1 Notes were sold at a price of C$99.982 per C$100.00 principal amount, with an effective yield of 3.384% per annum if held to maturity and the Series 2017-2 Notes were sold at a price of C$99.982 per C$100.00 principal amount, with an effective yield of 3.993% per annum if held to maturity.
The notes were sold by a syndicate of agents co-led by TD Securities Inc. and National Bank Financial Inc.
The proceeds of the offering will be used by Enercare Solutions (i) to redeem all of its outstanding 4.30% Series 2012-1 Senior Unsecured Notes due November 30, 2017; (ii) to repay existing credit facilities and (iii) for general corporate purposes.
Enercare (Enercare Inc. together with Enercare Solutions) is one of North America's largest home and commercial services and energy solutions companies with approximately 3,800 employees under its Enercare and Service Experts brands, and a leading provider of water heaters, water treatment, furnaces, air conditioners and other HVAC rental products, plumbing services, protection plans and related services.
Further information can be found on Marketwired's website.