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Deal by Aspen Investments will be split into two $500 million tranches with maturities in 2054
Bloomberg News
Funding of a Canadian Indigenous consortium’s planned purchase of ownership in a natural-gas pipeline system is expected to consist of $1 billion in 30-year bonds.
The deal, by an entity called Aspen Investments LP, will be split into two $500 million tranches with maturities in 2054, according to people familiar with the matter who asked not to be identified as the information is private. The deal is being marketed to only a few potential investors and should be announced in the coming days, they added.
The bonds are expected to be rated AA by DBRS, mirroring the credit profile of Alberta, the people said. The province is providing a guarantee on the purchase from TC Energy Corp. through the Alberta Indigenous Opportunities Corporation.
TC declined to comment Tuesday, while AIOC and a representative of the Indigenous group didn’t respond to requests for comment.
The bond offering, which Bloomberg first reported in August, would provide funding for 72 Indigenous communities in Alberta, British Columbia and Saskatchewan to own a minority stake in TC Energy’s NGTL system.
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