Conifex Biomass Power Project Refinancing
Goodmans LLP represented the syndicate of lenders in connection with the completion by Conifex Timber Inc.’s (TSX: CFF) wholly-owned subsidiary Conifex Power Limited Partnership of a $70 million secured term loan (the "Loan") with a syndicate of private lenders to refinance its existing loan. The Loan has a 15 -year term, is secured by substantially all of the power segment assets and bears interest at a rate of 6.10% per annum.
The Loan is expected to be fully amortized over its 15-year term, which ends approximately 18 months before the remaining term of Conifex Power Limited Partnership’s Electricity Purchase Agreement with B.C. Hydro and Power Authority. Upon the fulfillment of a requirement to fund a reserve account, the Company expects the free cash flow generated from the power project will be available for general corporate purposes.
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