06:35:35 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Valener Inc
Symbol VNR
Shares Issued 38,508,536
Close 2016-05-03 C$ 22.08
Market Cap C$ 850,268,475
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Valener receives $19.6M distribution in refinancing

2016-05-04 14:55 ET - News Release

Mr. Pierre Despars reports

VALENER RECEIVES SPECIAL DISTRIBUTION FOLLOWING REFINANCING OF SEIGNEURIE DE BEAUPRE WIND FARMS 2 AND 3

Valener Inc. has received a $19.6-million special distribution from Seigneurie de Beaupre Wind Farms 2 and 3 GP following the refinancing of the wind power facilities. Wind Farms 2 and 3 paid a special distribution totalling $80-million to its partners, Valener, Gaz Metro LP and Boralex Inc. Valener's share of the distribution reflects its proportionate share in the partnership. Valener intends to use these proceeds to reimburse part of its credit facility. Gaz Metro and Valener indirectly hold interests in Wind Farms 2 and 3 through Beaupre Eole GP.

"We are pleased that Wind Farms 2 and 3 was able to take advantage of, among other things, improved market conditions to capitalize on more favourable rates and, ultimately, pay a special distribution to its partners," said Pierre Despars, executive vice-president of corporate affairs and chief financial officer of Gaz Metro Inc., acting as Gaz Metro's general partner and as manager of Valener. "This distribution of almost $20-million provides Valener with additional flexibility to pursue its strategy of supporting Gaz Metro's growth."

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