Gaz Métro inc(GMi) has announced it has entered into a first supplemental agreementto the credit agreement it entered into onMarch 2, 2012with its bank syndicate providing for an increase of the initial revolving credit facility amount committed by the lenders from $600million to $800million and an extension of the maturity date to March2,2020. The First Supplemental Agreement is guaranteed by Gaz Métro Limited Partnership (GazMétro). Besides the$200 millionincrease in the size of the facility and the extended maturity, the terms of the original credit agreement remain unchanged by the First Supplemental Agreement. The credit facility is also secured by collateral security backed by the assets of GMi and GazMétro.
Gaz Metro is the parent company of Green Mountain Power and Vermont Gas Systems.
Proceeds from the credit facility will be loaned by GMi to Gaz Métro on substantially similar terms as to interest rate and maturity, and will be used by Gaz Métro for general corporate purposes.
Overview of Gaz Métro and GMi
GMi mainly holds an economic interest of approximately 71% in Gaz Métro, for which it acts as the General Partner and a financing vehicle.
With more than$6 billionin assets, GazMétro is a leading energy provider. It is the largest natural gas distribution company in Québec, where its network of over 10,000 km of underground pipelines serves 300municipalities and more than 195,000 customers. GazMétro is also present inVermont, producing electricity and distributing electricity and natural gas to meet the needs of more than 305,000 customers. GazMétro is actively involved in the development and operation of innovative, promising energy projects such as the production of wind power, the use of natural gas as a transportation fuel and the development of biomethane. GazMétro is a major energy sector player that takes the lead in responding to the needs of its customers, regions and municipalities, local organizations and communities while also satisfying the expectations of its partners (GMi and ValenerInc.) and employees.www.gazmetro.com
SOURCE MONTREAL, Jan.28, 2015 /CNW Telbec/ - Gaz Métro