March 2, 2012 - Financial releases
Montreal, March 2, 2012 – Énergir inc. (“GMi”) announced today that it has entered into a new credit agreement with its bank syndicate providing for a $600 million secured revolving credit facility which will mature on March 2, 2017. The new credit facility, which replaces the $400 million credit facility originally put in place on December 21, 2004, is guaranteed by Énergir Limited Partnership (“Énergir”) and is comprised of a revolving loan available to GMi and a swingline loan available to GMi and Énergir. Besides the $200 million increase in the size of the facility and the extended maturity, the terms of the new credit agreement are substantially similar to the agreement previously in place. The new credit facility is also secured by collateral security backed by the assets of GMi and Énergir.
Overview of Énergir and GMi
With over $3.7 billion in assets, Énergir is Quebec’s leading natural gas distributor. Its 10,000 kilometre network serves 300 municipalities. Énergir has operated in this regulated industry since 1957 and is the trusted energy provider of its customers in Quebec and Vermont, who choose natural gas for its competitive price, efficiency, comfort and environmental benefits. Énergir is also present in the electricity distribution market, natural gas transportation and storage, the development of innovative energy projects such as wind power, natural gas as fuel for the transportation industry and biomethanation. Énergir is committed to the satisfaction of its customers, Partners (Énergir inc. and Valener Inc.), employees and the communities it serves.
GMi mainly holds an economic interest of approximately 71% in Énergir, for which it acts as the General Partner and a financing vehicle.
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