BLX: Quick Take: Announces €1.45 billion refinancing of French operations

研报英文原文证据摘录

BLX: Quick Take: Announces €1.45 billion refinancing of French operations

EQUITY RESEARCH QUICK TAKE

RBC Dominion Securities Inc.

Nelson Ng, CFA (Analyst)

Trevor Bryan, CFA (AVP)

June 30, 2026

Boralex Inc.

Quick Take: Announces €1.45 billion refinancing of French operations

TSX: BLX | CAD 36.98 | Sector Perform | Price Target CAD 37.25

Sentiment: Neutral

Our take

We believe the large refinancing optimizes Boralex's funding structure in France and may lead to some cost savings. However,

we expect investors to continue to focus on the pending acquisition by Brookfield and La Caisse, which management expects to

close in Q4/26.

Details

Boralex and Energy Infrastructure Partners, co-shareholders of Boralex's activities in France, with a 70% and 30% share respectively,

announced the closing of a €1.453 billion financing, which moves Boralex from a multi-borrower debt structure to a single platform

financing covering its entire French operations and providing enhanced flexibility to support growth, efficiency and long-term

differentiation.

The €1.453 million financing is backed by a diversified pool of ten banks and includes i) €811 million term loan for existing assets,

ii) €450 million CAPEX line facility with a 22-year tenor to fund growth projects, iii) €100 million revolving credit facility with a 7-

year tenor, and iv) debt service reserve facility (DSRF) and a VAT facility totalling €92 million.

RBC Capital Markets is acting as financial advisor to Boralex Inc. (TSX: BLX) in relation to the definitive arrangement

agreement, whereby Brookfield and La Caisse will acquire all of Boralex Inc.'s issued and outstanding Class A common shares

for a price of $37.25 in cash per Common Share, as press released on March 25, 2026.

All values in CAD unless otherwise noted.