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EDMONTON, Alberta, Nov. 29, 2023 (GLOBE NEWSWIRE) -- Capital Power Corporation ("Capital Power") (TSX:CPX) announced today that it has priced a public offering in Canada of unsecured medium term notes in the aggregate principal amount of C$850 million (the "Offering"). The Offering consists of C$400 million of 5.378% medium term notes maturing on January 25, 2027 and C$450 million of 5.973% medium term notes maturing on January 25, 2034 (collectively, the "Notes").
The Offering is expected to close on or about December 15, 2023.
The net proceeds from the Offering will be used to partially finance Capital Power's previously announced acquisitions of (i) a 50% interest in New Harquahala Generating Company, LLC, which owns a 1,092 MW natural gas generation facility located in Arizona, and (ii) a 100% interest in CXA La Paloma, LLC, which owns a 1,062 MW natural gas generation facility located in California (collectively, the "Acquisitions"), and related expenses, or for general corporate purposes. Details of the Acquisitions were announced on November 20, 2023.
The Notes to be issued and sold under the Offering have been rated BBB- by S&P Global Ratings and BBB (low) by DBRS Limited.
The Notes are being offered in the provinces and territories of Canada through a syndicate of investment dealers co-led by TD Securities and CIBC Capital Markets under Capital Power's short form base shelf prospectus dated June 10, 2022, a prospectus supplement dated June 13, 2022 and pricing supplements to be dated November 29, 2023 relating to ...