Capstone Infrastructure Corporation Announces Bond Financing by Swedish District Heating Business
22 2월 2012 - 10:30PM
Business Wire
Capstone Infrastructure Corporation (TSX: CSE; CSE.DB.A;
CSE.PR.A – the “Corporation”) today announced that Sefyr Värme AB,
in which the Corporation holds a 33.3% interest and which is the
parent company of Värmevärden, the Swedish district heating
business, will issue SEK922 million (C$138 million1) of senior
secured bonds to select institutional investors in Sweden. The
offering is expected to close on or about February 24, 2012.
The bonds will carry a coupon of 7.0%, have a term of five years
and are non-amortizing. Sefyr Värme AB has the option to issue up
to an additional SEK78 million (C$12 million1) of senior secured
bonds at any time over the next five years, bringing the offering
to an aggregate size of up to approximately SEK1 billion (C$150
million1).
“The size and terms of this financing are generally consistent
with our expectations and reflect investor appetite for quality
infrastructure investment opportunities,” said Michael Bernstein,
President and Chief Executive Officer. “With the recapitalization
of Värmevärden, Capstone expects to immediately repatriate
approximately $46 million in capital that we plan to use to repay a
portion of the $78 million that is currently outstanding on our
senior credit facility with the possibility of additional capital
being returned from this investment in the future. This initiative
is an important step towards strengthening Capstone’s financial
position and flexibility.”
About Capstone Infrastructure Corporation
Capstone Infrastructure Corporation’s mission is to build and
responsibly manage a high quality portfolio of infrastructure
businesses in Canada and internationally in order to deliver a
superior total return to shareholders through a combination of
stable dividends and capital appreciation. The Corporation’s
portfolio currently includes investments in gas cogeneration, wind,
hydro, biomass and solar power generating facilities, representing
approximately 370 MW of installed capacity, a 33.3% interest in a
district heating business in Sweden, and a 70% interest in a
regulated water utility in the United Kingdom. Please visit
www.capstoneinfrastructure.com for more information.
Notice to Readers
Certain of the statements contained within this document are
forward-looking and reflect management’s expectations regarding the
Capstone Infrastructure Corporation’s (the “Corporation”) future
growth, results of operations, performance and business based on
information currently available to the Corporation. Forward-looking
statements are provided for the purpose of presenting information
about management’s current expectations and plans relating to the
future and readers are cautioned that such statements may not be
appropriate for other purposes. These statements use
forward-looking words, such as “anticipate”, “continue”, “could”,
“expect”, “may”, “will”, “estimate”, “plan”, “believe” or other
similar words. These statements are subject to known and unknown
risks and uncertainties that may cause actual results or events to
differ materially from those expressed or implied by such
statements and, accordingly, should not be read as guarantees of
future performance or results. The forward-looking statements
within this document are based on information currently available
and what the Corporation currently believes are reasonable
assumptions, including the material assumptions for each of the
Corporation’s assets set out in the management’s discussion and
analysis of the results of operations and the financial condition
of the Corporation (“MD&A”) for the year ended December 31,
2010 under the heading “Asset Performance”, as updated in
subsequently filed interim MD&A of the Corporation and the
business acquisition report of the Corporation dated June 14, 2011
related to the closing of the acquisition of an approximate 33%
interest in the Swedish district heating business (“Värmevärden”)
(such documents are available under the Corporation’s profile on
www.sedar.com). Other material factors or assumptions that were
applied in formulating the forward-looking statements contained
herein include or relate to the following: that the business and
economic conditions affecting the Corporation’s operations will
continue substantially in their current state, including, with
respect to industry conditions, general levels of economic
activity, regulations, weather, taxes and interest rates; a full
year of contribution from the Amherstburg Solar Park, Värmevärden
and the UK water business (“Bristol Water”); a TransCanada Pipeline
(“TCPL”) gas transportation rate of approximately $2.24 per
gigajoule in 2012 and approximately $1.64 per gigajoule in 2013 and
2014; the level of gas mitigation revenue earned by the Cardinal
facility; that there will be no unplanned material changes to the
Corporation’s facilities, equipment or contractual arrangements, no
unforeseen changes in the legislative and operating framework for
the Corporation’s businesses, no delays in obtaining required
approvals, no unforeseen changes in rate orders or rate structures
for the Corporation’s power business, Värmevärden or Bristol Water,
no unfavourable changes in environmental regulation and no
significant event occurring outside the ordinary course of
business; that there will be a stable regulatory environment and
favourable decisions will be received from regulatory bodies
concerning outstanding rate and other applications; that the senior
credit facility, used to partially fund the Bristol Water
acquisition, will be repaid on or prior to its maturity on October
3, 2012; refinancing of the Capstone Power Corp.-Cardinal Power of
Canada, L.P. credit facility and project financing of the
hydro facilities (that potentially include amortization profiles);
that there will be no further amendments by the Government of
Ontario to the application of the Global Adjustment Mechanism which
comprises a portion of the Direct Customer Rate revenue escalator
in the power purchase agreements (“PPAs”) for the Cardinal facility
and the hydro facilities located in Ontario; the accounting
treatment for Bristol Water’s business under IFRS, particularly
with respect to accounting for maintenance capital expenditures;
the amount of capital expenditures by Bristol Water; the UK pound
sterling to Canadian dollar exchange rate; and that Bristol Water
will operate and perform in a manner consistent with the regulatory
assumptions underlying Bristol Water’s regulatory Asset Management
Plan 5 (“AMP5”), including, among others: real and inflationary
increases in Bristol Water’s revenue, Bristol Water’s expenses
increasing in line with inflation, and capital investment, leakage,
customer service standards and asset serviceability targets.
Although the Corporation believes that it has a reasonable basis
for the expectations reflected in these forward-looking statements,
actual results may differ from those suggested by the
forward-looking statements for various reasons, including risks
related to: power infrastructure (operational performance; PPAs (in
particular, the risk associated with the Cardinal PPA expiring in
the fourth quarter of 2014); fuel costs and supply (including
increases in the gas transportation rate charged by TCPL); contract
performance; development risk; technology risk; default under
credit agreements; land tenure and related rights; regulatory
regime and permits; environmental, health and safety requirements;
climate change and the environment; and force majeure) the
Corporation (tax-related risks; variability and payment of
dividends, which are not guaranteed; geographic concentration and
non-diversification; insurance; environmental, health and safety
regime; availability of financing; shareholder dilution; and the
unpredictability and volatility of the common share price of the
Corporation); the Corporation’s investment in Värmevärden (general
business risks inherent in the district heating business; fuel
costs and supply; reliance on industrial customers and ability of
residential customers to cancel contracts on short notice;
geographic concentration; government regulation; environmental
health and safety liabilities; reliance on key personnel; labour
relations; enforcement of indemnities against the vendors of
Värmevärden; minority interest; and foreign exchange); and Bristol
Water’s business (revenue is substantially influenced by price
determinations made by the UK water regulator (“Ofwat”); failure to
complete capital investment programs; failure to achieve water
leakage targets; the imposition of penalties under Ofwat’s new
comparative incentive mechanism; the economic downturn impacting
the lending environment, as well as debt and capital markets,
resulting in more costly financing and inflation negatively
impacting leverage and key financial ratios, which may have a
negative impact on credit ratings, as well as increasing the cost
of capital expenditures; pension plan obligations may require
Bristol Water to make additional contributions; failure to meet
existing regulatory requirements and the potentially adverse impact
of future legislative and regulatory changes; the ability for a
Special Administrator to be appointed by the UK Secretary of State
for the Environment, Food and Rural Affairs or Ofwat in certain
circumstances (including the breach by Bristol Water of its
license); foreign exchange; operational risks (including
significant interruption of the provision of its services and
catastrophic damage resulting in loss of life, environmental damage
or economic and social disruption); development of competition
within the water sector; reliance on key personnel; default under
its Artesian loans, bonds, debentures or credit facility;
geographic concentration; potential seasonality and climate change;
labour relations; and enforcement of indemnities against the
vendors of Bristol Water).
The assumptions, risks and uncertainties described above are not
exhaustive and other events and risk factors could cause actual
results to differ materially from the results and events discussed
in the forward-looking statements. The forward-looking statements
within this document reflect current expectations of the
Corporation as at the date of this document and speak only as at
the date of this document. Except as may be required by applicable
Canadian law, the Corporation does not undertake any obligation to
publicly update or revise any forward-looking statements or
financial outlook.
1 Based on the exchange rate of the Swedish Krona to the
Canadian dollar of 6.67.
Capstone Infrastructure (TSX:CSE.PR.A)
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Capstone Infrastructure (TSX:CSE.PR.A)
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