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Green Evaluation: MPT FINCO Inc.’s Senior Secured Notes., October 29, 2019

MPT FINCO Inc. is planning to issue up to C$630 million of senior secured notes in November 2019. Proceeds from the offering will be used in part to refinance existing debt (75% of the funds raised) for a portfolio of four hydroelectric facilities with an installed capacity of 488 megawatts (MW) located in Ontario. The remaining proceeds (less a minor amount for financing fees) will be used to indirectly offset funding of capital expenditures into Mississagi Power Trust (MPT) over time to perpetuate and prolong the useful life of MPT’s existing renewable assets. The notes are expected to have a 10-year amortization profile with a balloon payment in 2029. Given that MPT generates 100% of its electricity through hydro resources and the remainder of the proceeds will be used to offset the funding of existing renewable projects within MPT’s portfolio of four assets, we consider the entire offering to be applied to green energy projects.

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