Bruce Power completes C$600 million issue of senior notes
On March 23, 2023, Bruce Power L.P. (“Bruce Power”) completed the issuance of C$600 million in green bonds. The issuance included C$300 million aggregate principal amount of Series 2023-1 4.70% senior notes, due December 21, 2027 and C$300 million aggregate principal amount of Series 2023-2 4.99% senior notes, due December 21, 2032.
The senior notes were issued through a syndicate of agents co-led by CIBC World Markets Inc., RBC Capital Markets and TD Securities Inc., and which included BMO Capital Markets, HSBC Securities (Canada) Inc., National Bank Financial Inc. and Scotia Capital Inc.
Proceeds from the offering will be used or allocated in accordance with Bruce Power’s Green Financing Framework to finance or re-finance eligible investments associated with life extension and increasing output of existing units, both of which contribute to Canada’s prosperous, clean energy future, and advance its climate change objectives.
Bruce Power became the first nuclear operator in the world to successfully issue green bonds in 2021, raising C$500 million.
Further information can be found on Globe Newswire’s website.
Bruce Power is Canada's first private nuclear generator, providing 30% of Ontario's power.
The Torys team included Michael Zackheim, Brett Saulnier and Alison Shamie (corporate/securities).
Torys also acted on the following in connection with this project:
- Scotia Capital, CIBC World Markets, RBC Capital Markets and the syndicate of agents in Bruce Power L.P.’s C$600 million private placement of 4.70% senior unsecured notes, Series 2024-1
BMO Capital Markets, HSBC Securities (Canada), TD Securities and the syndicate of agents in Bruce Power LP's C$500 million private placement of green bonds—its inaugural green bond offering and the world’s first green bond for nuclear power
BMO Nesbitt Burns, CIBC World Markets, Scotia Capital and the syndicate of agents in Bruce Power L.P.'s C$600 million private placement of 4.00% senior unsecured notes, Series 2020-1
Scotia Capital, TD Securities and the syndicate of agents in Bruce Power LP's C$750 million debt financing, including C$350 million of 3.00% Series 2017-1 senior unsecured notes and C$400 million of 4.01% Series 2017-2 senior unsecured notes
Scotia Capital, TD Securities and the syndicate of agents in Bruce Power LP's C$1 billion debt financing, including C$600 million of 2.844% 2016-1 senior notes and C$400 million of 3.969% 2016-2 senior notes
Scotiabank, TD Bank and the club of lenders in the C$2 billion banking facilities made available to Bruce Power LP in connection with its C$13 billion investment program to refurbish the Bruce A and Bruce B Nuclear Generation Stations in southwestern Ontario
Ontario Power Generation and the Province of Ontario in the sale of British Energy plc's 82% interest in Bruce Power L.P. to a consortium of investors, including Cameco Corporation, TransCanada Pipelines Limited and BPC Generation Infrastructure Trust (an affiliate of OMERS)
| Jurisdiction | Kincardine (near Tiverton) |
| Province/State | Ontario |
| Country | Canada |
| Nature of Engagement | Refinance |
| Government Level | Provincial |
| Client | CIBC World Markets, RBC Capital Markets, TD Securities and the syndicate of agents |
| Client Role | Dealer |
| Value | $600,000,000 CAD |