Valener announces that Gaz Metro has closed its private placement of senior secured notes
MONTREAL, April 10, 2013 /CNW Telbec/ – Valener Inc. (“Valener“) announced today that Gaz MÃ©tro inc. (“GMi“) has completed its previously announced private placement of U.S.$200
million aggregate principal amount of 4.04% senior secured notes due 2043 and 4.19% senior secured notes due
2048 (together, the “Notes“) to certain institutional investors in the United States. The Notes
are secured by a guarantee as to payment of principal and interest by
Gaz MÃ©tro Limited Partnership (“Gaz MÃ©tro“), together with collateral security backed by the assets of GMi and
Proceeds from the private placement will be loaned by GMi to Gaz MÃ©tro
on substantially similar terms as to interest rate and maturity, and
will be used by Gaz MÃ©tro for the refinancing of existing debt and for
general corporate purposes.
The Notes have not been registered under the U.S. Securities Act of
1933, as amended (the “Securities Act“) or any state securities laws and may not be offered or sold in the
United States absent registration or an applicable exemption from
registration under the Securities Act and applicable state securities
Overview of Valener
Valener owns an economic interest of approximately 29% in Gaz MÃ©tro.
Valener therefore has a stake in the energy industry and benefits from
Gaz MÃ©tro’s diversified profile, both in terms of geography and
business segment. Valener also owns a 24.5% indirect interest in the
wind power projects jointly developed with Gaz MÃ©tro and Boralex Inc.
on the private lands of SÃ©minaire de QuÃ©bec. Valener’s common shares
and preferred shares are listed on the Toronto Stock Exchange under the
“VNR” trading symbol for common shares and under the “VNR.PR.A” symbol
for Series A preferred shares. www.valener.com.
Overview of Gaz MÃ©tro and GMi
GMi mainly holds an economic interest of approximately 71% in Gaz MÃ©tro,
for which it acts as the General Partner and a financing vehicle.
With more than $5 billion in assets, Gaz MÃ©tro is a leading energy
provider. It is the largest natural gas distribution company in Quebec,
where its 10,000 km underground network of pipelines serves 300
municipalities and more than 185,000 customers. Gaz MÃ©tro is also
present in Vermont, producing electricity and distributing electricity
and natural gas to cater to the needs to some 300,000 customers. Gaz
MÃ©tro is actively involved in the development of innovative,
sustainability-oriented energy projects such as the production of wind
power, the use of natural gas as a transportation fuel and the
development of biomethane as a renewable energy source. Gaz MÃ©tro is
committed to ensuring the satisfaction of its customers, providing
support to businesses, local organizations, families and communities,
and meeting the needs of its partners (Gaz MÃ©tro inc. and Valener) and
SOURCE VALENER INC.