Boralex Inc. is raising $100 million in equity capital via a “bought deal” with an underwriting group led by Cormark Securities Inc. (formerly Sprott Securities) and including National Bank Financial Inc., GMP Securities LP, CIBC World Markets Inc., Desjardins Securities and TD Securities Inc.
The underwriters will take up 6.67 million Boralex common shares at $15 a share for $100 million gross. The shares will later be sold to the public, with filing of a prospectus by May 24. The underwriters can buy a further 666,667 Boralex shares to bring the total amount raised to $110 million.
Boralex, controlled by the Lemaire family through tissue and packaging giant Cascades Inc., plans expansion of its wind, hydro, biomass and natural gas-based private power stations in Quebec, the northeastern U.S. and France. It is also looking at the Ontario and British Columbia private power markets and might enter the Italian and Polish markets.
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