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Stock impact report

Boralex and SNGRDC close $144m Oxford project financing [Yahoo! Finance]

Canadian Imperial Bank of Commerce (CM) 
Last canadian imperial bank of commerce earnings: 2/26 05:53 am Check Earnings Report
Company Research Source: Yahoo! Finance
Storage Project in the Township of South-West Oxford, Oxford County in Ontario, Canada. The project will have a capacity of 125MW/500MWh. It will be Boralex's third battery energy storage project in North America, SNGRDC's fifth, and the second project the two organisations have developed together. Canadian Imperial Bank of Commerce (CIBC) and National Bank of Canada (NBC) arranged the financing, which qualifies as a Green Loan. CIBC is acting as administrative agent and collateral agent, while NBC is acting as green loan coordinator. The financing package includes a C$166m construction loan that will convert into a five-year term loan amortised over 20 years after commercial operations begin, which is scheduled for 2027. It also includes a C$25m bridge loan linked to investment tax credits (ITC) for which the project is eligible, and a C$11m letter of credit facility. The bridge loan will be repaid on receiving ITC. The company said the facility will reduce the amount of Show less Read more
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