Gaz Métro inc. (GMi) entered into an agreement with the lending syndicate to increase to $800 million its credit facility and extend its maturity date to March 2, 2020.
Proceeds from the credit facility will be loaned by GMi to Gaz Métro Limited Partnership (Gaz Métro). GMi mainly holds an economic interest of approximately 71 per cent in Gaz Métro, for which it acts as the General Partner and a financing vehicle.
With more than $6 billion in assets, Gaz Métro is a leading energy provider. It is the largest natural gas distribution company in Québec, where its network of over 10,000 km of underground pipelines serves 300 municipalities and more than 195,000 customers. Gaz Métro is also present in Vermont, producing electricity and distributing electricity and natural gas to meet the needs of more than 305,000 customers. Gaz Métro is actively involved in the development and operation of innovative, promising energy projects such as the production of wind power, the use of natural gas as a transportation fuel and the development of biomethane. Gaz Métro is a major energy sector player that takes the lead in responding to the needs of its customers, regions and municipalities, local organizations and communities while also satisfying the expectations of its partners (GMi and Valener Inc.) and employees.
Gaz Métro was represented by its Senior Legal Counsel, Finance and Corporate Affairs, Anne-Marie Gauthier, assisted by a team from Davies Ward Phillips & Vineberg LLP comprising Franziska Ruf, Alain Roberge and Valentina De Castris.