Capstone Infrastructure Corporation Announces Completion of Financings
21 Mai 2014 - 2:47PM
Marketwired
Capstone Infrastructure Corporation Announces Completion of
Financings
TORONTO, ONTARIO--(Marketwired - May 21, 2014) - Capstone
Infrastructure Corporation
(TSX:CSE)(TSX:CSE.DB.A)(TSX:CSE.PR.A)(TSX:CPW.DB) (the
"Corporation") today announced approximately $100 million in new
project-level and corporate financings.
"We are continuing to progress our wind power projects on
schedule and in line with our expectations, including establishing
financing on attractive terms for Skyway 8 and now Saint-Philémon,"
said Michael Bernstein, President and Chief Executive Officer. "In
addition, we have enhanced our financial flexibility at the
corporate level. With the continuing strong performance of our
businesses and solid financial position, we are well capitalized
and positioned to execute our strategy to create value for
shareholders."
The Corporation, through an indirect subsidiary, has entered
into a credit facility arranged by Stonebridge Financial
Corporation that will provide up to $60.5 million in project-level
construction and long-term financing for the Saint-Philémon wind
power project in Quebec. Tranche A of the facility totals $56.1
million, bears interest at a fixed rate of 5.5% and is
non-amortizing during the construction period. Following
construction completion, Tranche A will convert to a fully
amortizing term loan maturing in May 2034 and bearing interest at
the same fixed rate of 5.5%. Tranche B of the facility is $4.4
million, bears interest at a rate of 4.0%, and will be fully repaid
shortly after construction completion. The Saint-Philémon project
is expected to be commissioned during the fourth quarter of
2014.
The Corporation has also increased the capacity of its existing
corporate credit facility to $90 million from $50 million
previously, thereby enhancing the Corporation's financial
flexibility. A portion of the facility may be used to fund planned
maintenance and the upgrades required at the Cardinal gas
cogeneration facility to support dispatchable operations starting
in January 2015.
About Capstone
Infrastructure Corporation
Capstone's mission is to provide investors with an attractive
total return from responsibly managed long-term investments in core
infrastructure in Canada and internationally. The company's
strategy is to develop, acquire and manage a portfolio of high
quality utilities, power and transportation businesses, and
public-private partnerships that operate in a regulated or
contractually-defined environment and generate stable cash flow.
Capstone currently has investments in utilities businesses in
Europe and owns, operates and develops thermal and renewable power
generation facilities in Canada with a total installed capacity of
net 439 megawatts2. Please visit www.capstoneinfrastructure.com for
more information.
1 - See Notice to Readers.
2 - Reflects Capstone's economic interest in its various power
facilities.
Notice to Readers
Certain of the statements contained within this document are
forward-looking and reflect management's expectations regarding the
future growth, results of operations, performance and business of
the Capstone Infrastructure Corporation (the "Corporation") based
on information currently available to the Corporation.
Forward-looking statements and financial outlook are provided for
the purpose of presenting information about management's current
expectations and plans relating to the future and readers are
cautioned that such statements may not be appropriate for other
purposes. These statements and financial outlook use
forward-looking words, such as "anticipate", "continue", "could",
"expect", "may", "will", "intend", "estimate", "plan", "believe" or
other similar words. These statements and financial outlook are
subject to known and unknown risks and uncertainties that may cause
actual results or events to differ materially from those expressed
or implied by such statements and financial outlook and,
accordingly, should not be read as guarantees of future performance
or results. The forward-looking statements and financial outlook
within this document are based on information currently available
and what the Corporation currently believes are reasonable
assumptions, including the material assumptions set out in the
management's discussion and analysis of the results of operations
and the financial condition of the Corporation ("MD&A") for the
year ended December 31, 2013 under the heading "Results of
Operations", as updated in subsequently filed MD&A of the
Corporation (such documents are available under the Corporation's
SEDAR profile at www.sedar.com).
Other potential material factors or assumptions that were
applied in formulating the forward-looking statements and financial
outlook contained herein include or relate to the following: that
the business and economic conditions affecting the Corporation's
operations will continue substantially in their current state,
including, with respect to industry conditions, general levels of
economic activity, regulations, weather, taxes and interest rates;
that there will be no material delays in the Corporation's wind
development projects achieving commercial operation; that the
Corporation's power infrastructure facilities will experience
normal wind, hydrological and solar irradiation conditions, and
ambient temperature and humidity levels; an effective TCPL gas
transportation toll of approximately $1.65 per gigajoule in 2014;
that there will be no material changes to the Corporation's
facilities, equipment or contractual arrangements; that there will
be no material changes in the legislative, regulatory and operating
framework for the Corporation's businesses, that there will be no
material delays in obtaining required approvals and no material
changes in rate orders or rate structures for the Corporation's
power infrastructure facilities, Värmevärden or Bristol Water, that
there will be no material changes in environmental regulations for
power infrastructure facilities, Värmevärden or Bristol Water; that
there will be no significant event occurring outside the ordinary
course of the Corporation's businesses; the refinancing on similar
terms of the Corporation's and its subsidiaries' various
outstanding credit facilities and debt instruments which mature
during the period in which the forward-looking statements and
financial outlook relate; market prices for electricity in Ontario
and Alberta; the re-contracting of the PPA for the Sechelt hydro
power generating station; that there will be no material change to
the accounting treatment for Bristol Water's business under
International Financial Reporting Standards, particularly with
respect to accounting for maintenance capital expenditures; that
there will be no material change to the amount and timing of
capital expenditures by Bristol Water; that there will be no
material changes to the Swedish Krona to Canadian dollar and UK
pound sterling to Canadian dollar exchange rates; and that Bristol
Water will operate and perform in a manner consistent with the
regulatory assumptions underlying asset management plan ("AMP") 5
and those expected under AMP6, including, among others: real and
inflationary increases in Bristol Water's revenue, Bristol Water's
expenses increasing in line with inflation, and capital investment,
leakage, customer service standards and asset serviceability
targets being achieved.
Although the Corporation believes that it has a reasonable basis
for the expectations reflected in these forward-looking statements
and financial outlook, actual results may differ from those
suggested by the forward-looking statements and financial outlook
for various reasons, including: risks related to the Corporation's
securities (dividends on common shares and preferred shares are not
guaranteed; volatile market price for the Corporation's securities;
shareholder dilution; and convertible debentures credit risk,
subordination and absence of covenant protection); risks related to
the Corporation and its businesses (availability of debt and equity
financing; default under credit agreements and debt instruments;
geographic concentration; foreign currency exchange rates;
acquisitions, development and integration; environmental, health
and safety; changes in legislation and administrative policy; and
reliance on key personnel); risks related to the Corporation's
power infrastructure facilities (power purchase agreements;
completion of the Corporation's wind development projects;
operational performance; fuel costs and supply; contract
performance and reliance on suppliers; land tenure and related
rights; environmental; and regulatory environment); risks related
to Värmevärden (operational performance; fuel costs and
availability; industrial and residential contracts; environmental;
regulatory environment; and labour relations); and risks related to
Bristol Water (Ofwat price determinations and changes to Instrument
of Appointment; failure to deliver capital investment programs;
economic conditions; operational performance; failure to deliver
water leakage target; service incentive mechanism ("SIM") and the
serviceability assessment; pension plan obligations; regulatory
environment; competition; seasonality and climate change; and
labour relations). For a comprehensive description of these risk
factors, please refer to the "Risk Factors" section of the
Corporation's Annual Information Form dated March 26, 2014 as
supplemented by risk factors contained in any material change
reports (except confidential material change reports), business
acquisition reports, interim financial statements, interim
management's discussion and analysis and information circulars
filed by the Corporation with securities commissions or similar
authorities in Canada (which are available under the Corporation's
SEDAR profile at www.sedar.com).
The assumptions, risks and uncertainties described above are not
exhaustive and other events and risk factors could cause actual
results to differ materially from the results and events discussed
in the forward-looking statements and financial outlook. The
forward-looking statements and financial outlook within this
document reflect current expectations of the Corporation as at the
date of this document and speak only as at the date of this
document. Except as may be required by applicable law, the
Corporation does not undertake any obligation to publicly update or
revise any forward-looking statements and financial outlook.
Capstone Infrastructure CorporationSarah Borg-OlivierSenior Vice
President, Communications(416)
649-1325sborgolivier@capstoneinfra.com
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