Tendersinfo keep you informed about the latest events in the national and international Procurement Industry. Procurement News provides in-depth coverage of the procurement industry, including contract awards, contract additions, new contract wins, mergers and acquisitions. Tendersinfo through its tender news section provides an update on all domestic and global tendering opportunities, invitation to bid & trade leads.
UNITED STATES : APUC inks $80 million loan deal for Liberty Utilities
Publish Date : 24-Jan-2012
Algonquin Power & Utilities (APUC) inked an $80 million loan deal for Liberty Utilities Co., which is a regulated distribution utility business of APUC.
As per the deal, APUC will initially get $25 million to support the operations of Liberty Utilities and its existing subsidiaries. Liberty Utilities will get further $55 million for the operations of all committed regulated utility acquisitions.
Initially, APUC will complete the earlier announced purchase of the electricity distribution utility - Granite State Electric Company, and the natural gas distribution utility - EnergyNorth Natural Gas. J.P. Morgan Securities is acting as the lead arranger and sole bookrunner for the facility.
According to David Bronicheski, CFO of APUC, the Liberty Utilities credit facility is a primary part of capital structure.
Bronicheski said, \"The Facility provides Liberty Utilities with the liquidity and financial flexibility that is needed as we continue to expand our utilities business into New Hampshire, Iowa, Illinois and Missouri, and in the future in other new markets within North America.”
