DBRS Assigns Final Rating to EnerCare Solutions Inc.’s New Issue of BBB (high), Stable Trend

DBRS has today assigned a final rating of BBB (high) with a Stable trend to the $225 million 4.60% Series 2013-1 Senior Unsecured Notes issuance (the Notes) of EnerCare Solutions Inc. (EnerCare), maturing on February 3, 2020. The transaction settled on February 1, 2013.

In addition, DBRS notes that EnerCare has entered into a $60 million term credit facility that matures on January 28, 2016. EnerCare is expected to draw the full amount available under the term credit facility on or about February 1, 2013.

The net proceeds from the Notes are expected to be used by EnerCare to fund the redemption of an equivalent principal amount of the outstanding Series 2009-2 Notes (with a principal amount outstanding, as of the date hereof, of $270 million). The drawdown on the term credit facility is expected to be used to fund the redemption of the balance of the outstanding Series 2009-2 Notes, including accrued interest and make-whole premium.

Notes:
All figures are in Canadian dollars unless otherwise noted.

The applicable methodology is Rating the Consumer Products Industry, which can be found on our website under Methodologies.