The new credit agreement will mature in
Taking advantage of the very good market conditions, with this financing arrangement Boralex has reduced its average interest rate for this operating asset by 350 basis points, from 6.90% to 3.40%. The refinancing will also free up financial resources of a total of $30 million. Boralex's 51% share of this amount will be about $15 million and will be used to reduce the Corporation's current corporate credit facility. The combined impact of the decrease in both the interest rate and the amount drawn on the corporate credit facility will reduce Boralex's interest expense by nearly $2 million annually on a combined basis.
"We are pleased that we were able to align the financing maturity date with that of our power purchase contract for this wind farm, thereby obtaining additional financial resources for continued growth," said
About Boralex
Boralex develops, builds and operates renewable energy power facilities in
Caution Regarding Forward-Looking Statements
Some of the statements contained in this press release are forward-looking statements based on current expectations, within the meaning of securities legislation.
Boralex would like to point out that, by their very nature, forward-looking statements involve risks and uncertainties such that its results or the measures it adopts could differ materially from those indicated by or underlying these statements, or could have an impact on the degree of realization of a particular forward-looking statement.
While the Corporation considers the assumptions on which these forward-looking statements are based to be reasonable based on information currently available, they may prove to be incorrect. The reader is cautioned not to place undue reliance on such forward-looking statements.
Unless required to do so under applicable securities legislation, management of Boralex does not assume any obligation to update or revise forward-looking statements to reflect new information, future events or other changes.
SOURCE
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