Click here to close now.


News Feed Item

EnerCare and EnerCare Solutions Announce Offering by EnerCare Solutions of $225 Million of 4.60% Series 2013-1 Senior Unsecured Notes

Also Announce New Term Credit Facility and Intention to Redeem 6.75% Series 2009-2 Senior Unsecured Notes

TORONTO, ONTARIO -- (Marketwire) -- 01/29/13 -- EnerCare Inc. (TSX:ECI) and EnerCare Solutions Inc. ("EnerCare Solutions") today announced that EnerCare Solutions has entered into an agency agreement relating to the offering of $225 million aggregate principal amount of 4.60% Series 2013-1 Senior Unsecured Notes due February 3, 2020 (the "Notes"). The Notes will be sold at a price of $99.94 per $100.00 principal amount, with an effective yield of 4.61% per annum if held to maturity. The Notes will be offered under a prospectus supplement to EnerCare Solutions' short form base shelf prospectus dated July 20, 2012. The prospectus supplement will be filed with the securities regulatory authorities in each of the provinces and territories of Canada. The Notes are being offered in each of the provinces of Canada on a best efforts basis by a syndicate of agents led by TD Securities Inc. and National Bank Financial Inc., and including RBC Dominion Securities Inc. and CIBC World Markets Inc. The offering is expected to close on or about February 1, 2013.

EnerCare Solutions also today entered into a $60,000,000 term credit facility with the Canadian chartered bank affiliate of National Bank Financial Inc. The term credit facility is payable interest only until maturity in January 2016 and is prepayable in whole or in part at any time without penalty. The term credit facility bears interest at a rate of bankers' acceptances plus 120 basis points (at today's rate, approximately 2.46%) or prime plus 20 basis points at EnerCare's current credit rating. EnerCare Solutions expects to draw the full amount available under the term credit facility on or about the same day as the closing of the offering.

The proceeds of the offering and the drawdown of the term credit facility will be used by EnerCare Solutions to redeem all of its outstanding 6.75% Series 2009-2 Senior Unsecured Notes due April 30, 2014 (the "Series 2009-2 Notes"). The principal amount of Series 2009-2 Notes outstanding as of the date hereof is $270 million.

"This offering and term loan along with our refinancing in November 2012 creates a favourable capital structure for EnerCare," said John Macdonald, President and CEO. "It reduces the interest on our debt and provides staggered debt maturities with 3, 5 and 7 year terms and greater flexibility since we can prepay the term loan without penalty."

Promptly following closing of the offering, EnerCare Solutions intends to deliver a notice to Computershare Trust Company of Canada, as trustee for the Series 2009-2 Notes, with respect to the redemption of all of the issued and outstanding Series 2009-2 Notes in accordance with the terms of the trust indenture governing the Series 2009-2 Notes. EnerCare Solutions expects to redeem the Series 2009-2 Notes before March 31, 2013.

It is a condition of closing that the Notes are rated at least "BBB(high)", with a "stable" trend by DBRS Limited and "A-", with a "stable" outlook by Standard & Poor's Ratings Services, a division of The McGraw-Hill Companies, Inc.

The offering of the Notes is only being made by way of prospectus. The prospectus supplement and the short form base shelf prospectus, including the documents incorporated by reference therein, contain important information concerning these securities. Prospective investors should read the prospectus supplement and the short form base shelf prospectus before making an investment decision.

This news release does not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction. The securities being offered have not been approved or disapproved by any regulatory authority nor has any such authority passed upon the accuracy or adequacy of the prospectus supplement or the short form base shelf prospectus.

The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered, sold or delivered, directly or indirectly, in the United States of America or to or for the account of U.S. persons.

Copies of the short form base shelf prospectus and, when filed, the prospectus supplement, relating to the offering of the Notes may be obtained from SEDAR at

About EnerCare Inc. and EnerCare Solutions Inc.

EnerCare and EnerCare Solutions own a portfolio of approximately 1.2 million installed water heaters and other assets, rented primarily to residential customers in Ontario. EnerCare also owns EnerCare Connections Inc., a leading sub-metering company, with metering contracts for condominium and apartment suites in Ontario, Alberta and elsewhere in Canada.

Additional information regarding EnerCare and EnerCare Solutions is available on SEDAR at or through EnerCare's website at Information on the sub-metering business is also available at

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Clutch is now a Docker Authorized Consulting Partner, having completed Docker's certification course on the "Docker Accelerator for CI Engagements." More info about Clutch's success implementing Docker can be found here. Docker is an open platform for developers and system administrators to build, ship and run distributed applications. With Docker, IT organizations shrink application delivery from months to minutes, frictionlessly move workloads between data centers and the cloud and achieve 2...
Mobile messaging has been a popular communication channel for more than 20 years. Finnish engineer Matti Makkonen invented the idea for SMS (Short Message Service) in 1984, making his vision a reality on December 3, 1992 by sending the first message ("Happy Christmas") from a PC to a cell phone. Since then, the technology has evolved immensely, from both a technology standpoint, and in our everyday uses for it. Originally used for person-to-person (P2P) communication, i.e., Sally sends a text...
SYS-CON Events announced today that Sandy Carter, IBM General Manager Cloud Ecosystem and Developers, and a Social Business Evangelist, will keynote at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA.
Chris Van Tuin, Chief Technologist for the Western US at Red Hat, has over 20 years of experience in IT and Software. Since joining Red Hat in 2005, he has been architecting solutions for strategic customers and partners with a focus on emerging technologies including IaaS, PaaS, and DevOps. He started his career at Intel in IT and Managed Hosting followed by leadership roles in services and sales engineering at Loudcloud and Linux startups.
Any Ops team trying to support a company in today’s cloud-connected world knows that a new way of thinking is required – one just as dramatic than the shift from Ops to DevOps. The diversity of modern operations requires teams to focus their impact on breadth vs. depth. In his session at DevOps Summit, Adam Serediuk, Director of Operations at xMatters, Inc., will discuss the strategic requirements of evolving from Ops to DevOps, and why modern Operations has begun leveraging the “NoOps” approa...
The IoT market is on track to hit $7.1 trillion in 2020. The reality is that only a handful of companies are ready for this massive demand. There are a lot of barriers, paint points, traps, and hidden roadblocks. How can we deal with these issues and challenges? The paradigm has changed. Old-style ad-hoc trial-and-error ways will certainly lead you to the dead end. What is mandatory is an overarching and adaptive approach to effectively handle the rapid changes and exponential growth.
Redis is not only the fastest database, but it has become the most popular among the new wave of applications running in containers. Redis speeds up just about every data interaction between your users or operational systems. In his session at 17th Cloud Expo, Dave Nielsen, Developer Relations at Redis Labs, will share the functions and data structures used to solve everyday use cases that are driving Redis' popularity
SYS-CON Events announced today that Machkey International Company will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Machkey provides advanced connectivity solutions for just about everyone. Businesses or individuals, Machkey is dedicated to provide high-quality and cost-effective products to meet all your needs.
WebRTC converts the entire network into a ubiquitous communications cloud thereby connecting anytime, anywhere through any point. In his session at WebRTC Summit,, Mark Castleman, EIR at Bell Labs and Head of Future X Labs, will discuss how the transformational nature of communications is achieved through the democratizing force of WebRTC. WebRTC is doing for voice what HTML did for web content.
Docker is hot. However, as Docker container use spreads into more mature production pipelines, there can be issues about control of Docker images to ensure they are production-ready. Is a promotion-based model appropriate to control and track the flow of Docker images from development to production? In his session at DevOps Summit, Fred Simon, Co-founder and Chief Architect of JFrog, will demonstrate how to implement a promotion model for Docker images using a binary repository, and then show h...
As a CIO, are your direct reports IT managers or are they IT leaders? The hard truth is that many IT managers have risen through the ranks based on their technical skills, not their leadership ability. Many are unable to effectively engage and inspire, creating forward momentum in the direction of desired change. Renowned for its approach to leadership and emphasis on their people, organizations increasingly look to our military for insight into these challenges.
The IoT is upon us, but today’s databases, built on 30-year-old math, require multiple platforms to create a single solution. Data demands of the IoT require Big Data systems that can handle ingest, transactions and analytics concurrently adapting to varied situations as they occur, with speed at scale. In his session at @ThingsExpo, Chad Jones, chief strategy officer at Deep Information Sciences, will look differently at IoT data so enterprises can fully leverage their IoT potential. He’ll sha...
Today air travel is a minefield of delays, hassles and customer disappointment. Airlines struggle to revitalize the experience. GE and M2Mi will demonstrate practical examples of how IoT solutions are helping airlines bring back personalization, reduce trip time and improve reliability. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Dr. Sarah Cooper, M2Mi's VP Business Development and Engineering, will explore the IoT cloud-based platform technologies driv...
SYS-CON Events announced today that DataClear Inc. will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. The DataClear ‘BlackBox’ is the only solution that moves your PC, browsing and data out of the United States and away from prying (and spying) eyes. Its solution automatically builds you a clean, on-demand, virus free, new virtual cloud based PC outside of the United States, and wipes it clean...
The enterprise is being consumerized, and the consumer is being enterprised. Moore's Law does not matter anymore, the future belongs to business virtualization powered by invisible service architecture, powered by hyperscale and hyperconvergence, and facilitated by vertical streaming and horizontal scaling and consolidation. Both buyers and sellers want instant results, and from paperwork to paperless to mindless is the ultimate goal for any seamless transaction. The sweetest sweet spot in innov...