KERM'S KORNER Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : KERM'S KORNER

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Herb Duncan who wrote (8876)	2/6/1998 12:29:00 AM
From: Kerm Yerman	Read Replies (2) of 15196

FINANCING / Nortstar Energy Unsecured Senior Notes NORTHSTAR ENERGY CORPORATION TSE, ASE, ME SYMBOL: NEN FEBRUARY 3, 1998 Northstar Announces Refinancing CALGARY, ALBERTA--Northstar Energy Corporation today announced that it has reached an agreement with The Prudential Insurance Company of America for the issuance of U.S. $150 million unsecured senior notes by way of private placement. The credit spread on the notes is 111 basis points over the corresponding U.S. long term bond rate resulting in a 6.79 percent coupon. The notes are repayable in three equal installments of U.S. $50 million in years nine, ten and eleven. The funds will be applied by Northstar to the prepayment of the currently outstanding U.S. $60 million principal amount of 7.03 percent senior notes and to repay current bank indebtedness. At this time, Northstar intends to leave in place the U.S. $75 million principal amount of 6.76 percent senior notes. John Richels, chief financial officer said "we are extremely pleased with this ten year average life debt transaction and are delighted to have entered into this long term business relationship with such a major financial institution. The financing results in a favorable debt profile for the company encompassing a broad spectrum of long term, medium term and short term debt and the timing is particularly attractive given the current weakness in the Canadian dollar." Mr. Richels went on to say that "the refinancing, coupled with the recent $72.5 million sale of West Windsor Power and our ongoing debt reduction program, will result in the capitalization of the company being materially strengthened in 1998."

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next