Capital Power announces a C$350 million medium term note offering

EDMONTON, Alberta, Sept. 12, 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$350 million (the “Offering”). The notes have a coupon rate of 5.816% and mature on September 15, 2028.

The Offering is expected to close on or about September 15, 2023.

The net proceeds of the Offering will be used to repay, redeem or refinance existing indebtedness, including indebtedness under Capital Power’s credit facilities, or for general corporate purposes.

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 Offering is being offered in the provinces and territories of Canada through a syndicate of investment dealers co-led by TD Securities and RBC Capital Markets under Capital Power’s short form base shelf prospectus dated June 10, 2022, a prospectus supplement dated June 13, 2022 and a pricing supplement to be dated September 12, 2023. Copies of these documents may be obtained over the Internet under our profile at the Canadian Securities Administrators’ website at www.sedarplus.ca.

This press release does not constitute an offer to sell or the solicitation of an offer to buy the Notes in any jurisdiction. The Notes have not been approved or disapproved by any regulatory authority. The Notes have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities law, and may not be offered or sold within the United States, or to or for the account of, United States persons.

Forward-looking Information:

Forward-looking information or statements included in this press release are provided to inform the Company’s shareholders and potential investors about management’s assessment of Capital Power’s future plans and operations. This information may not be appropriate for other purposes. The forward-looking information in this press release is generally identified by words such as will, anticipate, believe, plan, intend, target, and expect or similar words that suggest future outcomes. Specific forward-looking information in this press release includes expectations regarding the timing of the closing of the Offering and the anticipated use of the net proceeds of the Offering. By their nature, such statements are subject to significant risks and uncertainties, which include, but are not limited to, regulatory and government decisions, economic conditions, and availability and cost of financing. Forward-looking information or statements included in this news release are provided to inform Capital Power’s securityholders and potential investors about management’s assessment of Capital Power’s future plans and operations. This information may not be appropriate for other purposes.