Threshold Power Trust announced its plans for an initial public offering. Threshold Power Trust is looking to raise around CAD145 million (US$140 million) in a Canadian market debut. The net proceeds will be used to invest in U.S. wind projects, according to two sources with knowledge of the plan.
Threshold Power will sell its trust units for CAD10 per share and make use of the funds to obtain stakes in nine wind-power initiatives from KEF Equity Investment Corp., a JPMorgan Chase & Co. affiliate, and from Energias de Portugal SA's EDP Renewables North America. Threshold Power expects to shell-out around US$120 million for the planned investments across the two firms.
According to the regulatory filing, the trust will trade on Canada's Toronto Stock Exchange after the intial offering is made.
Canadian Bank of Nova Scotia, National Bank of Canada, Stifel Nicolaus Canada Inc. and Imperial Bank of Commerce are leading the sale.
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