MONTREAL, June 27, 2014 /CNW Telbec/ - Boralex Inc. (" Boralex " or the
" Corporation ") (TSX: BLX) has completed the refinancing of its
corporate revolving credit facility for an amount of C$130 million and
improves its financial flexibility. Boralex also announces the
reimbursement of its C$35 million loan maturing on July 9, 2014.
This refinancing replaces the facility of C$60 million which was
scheduled to expire on June 30. It is secured by the assets of Boralex
Inc. including its hydroelectric plants in Quebec. With an initial term
of four years, renewable annually thereafter, this refinancing will
allow the Company to further support its development.
This refinancing was arranged by National Bank of Canada in the capacity
of lead arranger. In addition to National Bank of Canada, the banking
syndicate includes The Toronto-Dominion Bank, Canadian Imperial Bank of
Commerce, Bank of Montreal, Caisse Centrale Desjardins and Comerica
Bank, an American bank.
Boralex is a power producer whose core business is dedicated to the
development and the operation of renewable energy power stations.
Currently, the Corporation operates an asset base with an installed
capacity of more than 650 MW in Canada, France and the Northeastern
United States. Boralex is also committed under power development
projects, both independently and with Canadian and European partners,
to add approximately 250 MW of power that will be put in service by the
end of 2015. With more than 200 employees, Boralex is known for its
diversified expertise and in-depth experience in four power generation
types — wind, hydroelectric, thermal and solar. Boralex's shares and
convertible debentures are listed on the Toronto Stock Exchange under
the ticker symbols BLX and BLX.DB, respectively. More information is
available at www.boralex.com or www.sedar.com.
Caution regarding forward-looking statements
Some of the statements contained in this press release, including those
regarding future results and performance, 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 projection. The
main factors that could lead to a material difference between the
Corporation's actual results and the projections or expectations set
forth in the forward-looking statements include, but are not limited
to, the general impact of economic conditions, raw material price
increases and availability, currency fluctuations, volatility in the
selling price of electricity, the Corporation's financing capacity,
negative changes in general market conditions and regulations affecting
the industry, as well as other factors discussed in the Corporation's
filings with the various securities commissions.
There can be no assurance as to the materialization of the results,
performance or achievements as expressed or implied by forward-looking
statements. The reader is cautioned not to place undue reliance on such
forward-looking statements. Unless required to do so under applicable
securities legislation, Boralex management does not assume any
obligation to update or revise forward-looking statements to reflect
new information, future events or other changes.
The Interim Report contains a section entitled "Non-IFRS Measures". In
order to assess the performance of its assets and reporting segments,
Boralex uses EBITDA and cash flows from operations as performance
measures. Management believes that these measures are widely accepted
financial indicators used by investors to assess the operational
performance of a company and its ability to generate cash through
operations. These non-IFRS measures are drawn primarily from the
unaudited interim condensed consolidated financial statements, but do
not have a standardized meaning under IFRS; accordingly, they may not
be comparable to similarly named measures used by other companies.
The Interim Report also contains a section entitled, "Reconciliations
between IFRS and Proportionate Consolidation," in which the results of
Joint Ventures 50% owned by Boralex are treated as if they were
proportionately consolidated and not as if they were accounted for
using the equity method as required by IFRS. Since the information that
Boralex uses to carry out internal analyses and make strategic and
operating decisions is collected on a proportionate consolidation
basis, management has considered it relevant to include the
"Proportionate Consolidation" section to make it easier for investors
to understand the concrete impacts of decisions made by the
Corporation. Accordingly, tables included in this section reconcile
IFRS data with data presented on a proportionate consolidation basis.
SOURCE Boralex Inc.