Montreal-based Gaz Métro inc(GMi), as General Partner of Gaz Métro Limited Partnership (GazMétro), has announced that GazMétro completed an equity offering by issuing by way of a private placement 8,181,818new units from its treasury at a price of$16.50per unit to GMi and Valener Inc. (Valener),pro ratabased on their respective share of units outstanding, for aggregate gross proceeds of $135million. The proceeds of the offering will be used for the re-establishment of its capital structure and for its general corporate purposes. Gaz Metro is the parent company of Green Mountain Power and Vermont Gas Systems.
GMi financed its subscription of new units by way of issuance of common shares to Noverco Incfor gross proceeds of approximately$96 million.
Overview of Valener
Valener is a widely held public company that serves as the investment vehicle in GazMétro. Through its investment in GazMétro, Valener offers its shareholders a solid investment in a diversified and largely regulated energy portfolio inQuebecandVermont. As a strategic partner, Valener, on one hand, contributes to GazMétro's growth, and on the other hand invests in wind power production inQuebectogether with GazMétro. Valener favours energy sources and uses that are innovative, clean, competitive and profitable. Valener's common shares and preferred shares are listed on the Toronto Stock Exchange under the "VNR" symbol for common shares and under the "VNR.PR.A" symbol for Series A preferred shares.www.valener.com.
Overview of GazMétro 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 inQuebec, where its network of over 10,000 km of underground pipelines serves 300 municipalities 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 Valener) and employees.www.gazmetro.com.
SOURCE:MONTRÉAL,April 30, 2015/CNW Telbec/ -Gaz Métro