TransAlta Renewables Inc.

The underwriters in the $150 million bought deal offering of TransAlta Renewables Inc. common shares by way of a prospectus supplement filed on June 15, 2018.

Client

The underwriters co-led by CIBC World Markets, RBC Capital Markets and Scotiabank

Value

$150 million

Service

Capital Markets

Date Closed

June 2018

Industry

Energy (Renewable)

Lead Office

Toronto


 

On June 22, 2018, TransAlta Renewables Inc. (“TransAlta Renewables”) announced that it had closed the previously announced offering, on a bought deal basis, of 11,860,000 common shares in the capital of TransAlta Renewables at a price of $12.65 per common share which will result in gross proceeds to TransAlta of approximately C$150 million. The offering was underwritten by a syndicate of underwriters co-led by CIBC World Markets, RBC Capital Markets and Scotiabank.

The net proceeds of the offering will be used to partially repay drawn amounts under TransAlta’s credit facility, which were drawn in order to fund recent acquisitions. The additional liquidity under the credit facility will be used for general corporate purposes, including ongoing construction costs associated with such acquisitions.

TransAlta Renewables is among the largest of any publicly traded renewable power producers in Canada. TransAlta Renewables owns renewable power generation facilities and invests in contracted, renewable power generation assets including wind and hydroelectric plants.

Osler, Hoskin & Harcourt LLP represented the underwriters with a team consisting of Desmond Lee, Trevor Scott and Patrick Sullivan (Corporate), Patrick Welsh (Regulatory) and Sagar Memon (Summer Law Student).


Team
Desmond Lee

Desmond Lee

Partner, Corporate

Trevor R. Scott

Trevor R. Scott

Partner, Corporate

Patrick has a broad corporate practice with an emphasis in securities, mining and corporate gover..

Patrick Sullivan

Associate, Corporate

Patrick G. Welsh

Patrick G. Welsh

Partner, Regulatory, Environmental, Aboriginal and Land; Litigation

Sagar Memon

Sagar Memon

Associate, Corporate