TransGrid obtains $300m from EDC
We are delighted to announce the establishment of a new $300m seven year bank debt facility with Export Development Canada (EDC).
The new facility combines highly competitive financing terms with a long tenor, extending the average duration of our debt portfolio. Proceeds will be applied to refinance the remaining $300m balance of our term debt facility that matures in June 2021.
Commenting on the transaction, our CFO Jason Conroy said:
"We wish to thank EDC for their continuing support and look forward to a long term relationship with them as we grow our business."
TransGrid was advised on the transaction by RBC Capital Markets and King Wood Mallesons.
About Export Development Canada
Export Development Canada (EDC) is a financial Crown corporation dedicated to helping Canadian companies of all sizes succeed on the world stage. As international risk experts, we equip Canadian companies with the tools they need – the trade knowledge, financing solutions, equity, insurance, and connections – to grow their business with confidence. Underlying all our support is a commitment to sustainable and responsible business.
In January 2019, EDC released its Climate Change Policy which articulates our support for the Paris Climate Change Agreement, recognizes EDC's mandate to support and develop Canada's export trade and Canadian capacity to engage in that trade, as well as acknowledges that EDC can contribute to the Paris Agreement's aims through our business decisions. One of the key commitments in that policy aims to increase EDC's business focused on clean and low carbon technology. EDC is Canada's single largest financier of clean technology, facilitating over $9 billion in Canadian cleantech since 2012.
We are also enhancing the transparency around how we are addressing our organization's climate-related risks and opportunities through the implementation of the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).
For more information and to learn how we can help your company, call us at 1-800-229-0575 or visit www.edc.ca.