EPCOR Utilities Inc. completes C$250 million debt offering

EDMONTON, AB, Dec. 1, 2023 /CNW/ - EPCOR Utilities Inc. (EPCOR) has completed a public offering in Canada of unsecured medium term note debentures in the aggregate principal amount of C$250 million. The notes, which were issued pursuant to a re-opening of existing notes maturing October 3, 2053 with a coupon rate of 5.326%, will be issued at a price of $106.716 per $100 principal amount plus accrued and unpaid interest to yield 4.892%. Net proceeds will be used for general corporate purposes, including repayment of existing indebtedness and financing the Corporation's capital expenditure program and working capital requirements.

These debt securities are rated A (low) (stable) by DBRS Limited, A- (stable) by S&P Global Ratings and A (stable) by Fitch Ratings.

The offering was made in Canada under EPCOR's previously filed short form base shelf prospectus dated December 7, 2021. National Bank Financial Inc. and TD Securities Inc. acted as co-leads and joint bookrunners for the syndicate of agents which included BMO Nesbitt Burns Inc., CIBC World Markets Inc., RBC Dominion Securities Inc., Scotia Capital Inc., MUFG Securities (Canada), Ltd. and Merrill Lynch Canada Inc.

Caution Concerning Forward-Looking Statements

Certain statements made in this news release are forward-looking statements, including statements relating to the intended use of the net proceeds of the offering of medium term note debentures. Forward-looking statements, by their very nature, are subject to inherent risks and uncertainties and are based on several assumptions, both general and specific, which give rise to the possibility that actual results or events could differ materially from our expectations expressed in or implied by such forward-looking statements. As a result, we cannot guarantee that any forward-looking statement will materialize and we caution you against relying on any of these forward-looking statements. The forward-looking statements contained in this news release describe our expectations at the date of this news release and, accordingly, are subject to change after such date. Except as may be required by Canadian securities laws, we do not undertake any obligation to update or revise any forward-looking statements contained in this news release, whether as a result of new information, future events or otherwise. Forward-looking statements are provided herein for the purpose of giving information about the proposed offering referred to above. Readers are cautioned that such information may not be appropriate for other purposes.

EPCOR, through its wholly owned subsidiaries, builds, owns and operates electrical, natural gas and water transmission and distribution networks, water and wastewater treatment facilities, sanitary and stormwater systems, and infrastructure in Canada and the United States. The company also provides electricity, natural gas and water products and services to residential and commercial customers. EPCOR, headquartered in Edmonton, is committed to conducting its business and operations safely and responsibly. Environmental stewardship, public health and community well-being are at the heart of EPCOR's mission to provide clean water and safe, reliable energy. EPCOR is an Alberta Top 75 employer and is ranked among Corporate Knights' 2023 Best 50 Corporate Citizens in Canada.

SOURCE Epcor Utilities Inc.