Industry: Utilities & energy
On May 14, 2021, Lower Mattagami Energy Limited Partnership (the “Partnership”), a limited partnership established by Ontario Power Generation (“OPG”) in connection with the Lower Mattagami Hydroelectric Project, completed its inaugural green bond offering, by way of private placement, of $375 million aggregate principal amount of 2.433 per cent senior secured bonds, Series 2021-1, due May 14, 2031.
The bonds were issued in Canada and sold through a syndicate of agents co-led by CIBC World Markets Inc. and BMO Nesbitt Burns Inc., and which included National Bank Financial Inc., RBC Dominion Securities Inc., Scotia Capital Inc., TD Securities Inc., HSBC Securities (Canada) Inc. and Laurentian Bank Securities Inc.
The Partnership intends to use the net proceeds of the offering to finance or refinance, in part or in full, new and/or existing eligible projects defined in the OPG Green Bond Framework, and to refinance outstanding senior secured bonds of the Partnership at maturity.
Blake, Cassels & Graydon LLP acted as outside counsel to the Partnership with a team that included
OPG’s in-house legal team included
Torys LLP represented the syndicate of agents with a team that included
Stephen Neil (corporate/securities),
Rose Bailey (lending).