Northwestern Hydro Acquisition Co Inc.: Rating Report
On August 21, 2018, DBRS Limited (DBRS) assigned a rating of A (low) with a Stable trend to the $650 million 16.5-year bullet Senior Secured Bonds (the Bonds) issued by Northwestern Hydro Acquisition Co Inc. (the Issuer). The proceeds of the Bonds were used to refinance the bank debt under a bridge credit facility that was used by the Issuer to acquire a 35% stake in Coast Mountain Hydro Limited Partnership (CMHLP or ProjectCo) from its previous sole owner, AltaGas Ltd. (AltaGas or the Seller; rated BBB, UR-Dev. by DBRS). The acquisition closed on June 22, 2018. The Issuer is a taxable corporation that is wholly and indirectly owned by Axium Infrastructure Canada II LP (Axium; 60% ownership) and The Manufacturers Life Insurance Company (Manulife; rated AA (low), Stable by DBRS; 40% ownership; together with Axium, the Sponsors) through a series of intermediate entities. DBRS views both Axium and Manulife as experienced infrastructure investors with strong track records of investing in, acquiring and operating infrastructure assets, including renewable assets.
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