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Gaz Métro raises $71 mln in funding from Caisse-held Noverco

Gaz Métro LP, a Montréal-based natural gas distribution company, has raised about $100 million in gross proceeds from a private placement offering. Of the total proceeds, about $71 million was raised through an issuance of common shares to Noverco Inc, an ownership vehicle held primarily by Canadian pension fund manager Caisse de dépôt et placement du Québec. The funds raised will be used to rebalance the company’s capital structure and other priorities, Gaz Métro said. Last month, a Gaz Métro affiliate agreed to buy Standard Solar Inc, a U.S. developer of solar electric systems.


Gaz Metro announces closing of an equity offering of $100 million by way of private placement

MONTRÉAL, QUÉBEC–(Marketwired – March 31, 2017) – Gaz Métro inc. (“GMi”), General Partner of Gaz Métro Limited Partnership (“Gaz Métro”), is pleased to announce that Gaz Métro completed an equity offering by issuing, by way of private placement, 4,545,455 new units from its treasury at a price of $22.00 per unit to GMi and Valener Inc. (“Valener”), prorated based on each entity’s respective share of units outstanding, for aggregate gross proceeds of approximately $100 million. The proceeds of the offering will be used to rebalance Gaz Métro’s capital structure and for general corporate purposes.

GMi financed its subscription of new units by way of issuance of common shares to Noverco Inc. for gross proceeds of approximately $71 million.

Overview of Gaz Métro and GMi
GMi mainly holds an economic interest of approximately 71% in Gaz Métro, for which it acts as the General Partner and a financing vehicle.

With more than $7 billion in assets, Gaz Métro is a leading energy provider. It is the largest natural gas distribution company in Québec, where its network of over 10,000 km of underground pipelines serves more than 300 municipalities and more than 205,000 customers. Gaz Métro is also present in Vermont, where it has more than 315,000 customers. There, it operates through its subsidiaries in the electricity production market and the electricity and natural gas distribution market. Gaz Métro is actively involved in developing and operating innovative, promising energy projects, including natural gas as fuel, liquefied natural gas as a replacement for higher emission-producing energies, the production of wind and solar power, and the development of biomethane. Gaz Métro is a major energy sector player that takes the lead in responding to the needs of its customers, regions and municipalities, local organizations, and communities while also satisfying the expectations of its Partners (GMi and Valener) and employees.

Overview of Valener
Valener is a widely held public company that serves as the investment vehicle in Gaz Métro. Through its investment in Gaz Métro, Valener offers its shareholders a solid investment in a diversified and largely regulated energy portfolio in Québec and Vermont. As a strategic partner, Valener, on the one hand, contributes to Gaz Métro’s growth, and on the other, invests in wind power production in Québec alongside Gaz Métro. Valener favours energy sources and uses that are innovative, clean, competitive and profitable. Valener’s common and preferred shares are listed on the Toronto Stock Exchange under the symbols “VNR” for common shares and “VNR.PR.A” for Series A preferred shares.
Photos, videos (b-roll) and logos are available in Gaz Métro’s Multimedia library.

Investors and analysts
Mariem Elsayed
Investor Relations

Marie-Christine Demers
Public Affairs and Communications

Photo courtesy of Gaz Métro LP