Capital Power prices notes of $600M offering at 4.23%

Executive Summary

• Capital Power Corp. has priced a public offering of C$600 million in unsecured medium-term notes with a 4.231% interest rate, maturing on January 14, 2033.
• The company intends to use the net proceeds to repay existing indebtedness, specifically targeting the redemption of C$300 million in January 2026 notes, as well as project-level debt at Goreway Power Station or credit facilities.
• Concurrently, Capital Power announced the redemption of all outstanding C$300 million of its 4.986% medium-term notes due January 23, 2026, with redemption occurring on November 23, 2025 (payment on November 24, 2025).

Key Details

• New Debt Issuance:
  • Principal Amount: C$600 million.
  • Instrument: Unsecured medium-term notes.
  • Interest Rate: 4.231%.
  • Maturity Date: January 14, 2033.
  • Expected Closing: On or about November 14, 2025.
  • Credit Ratings: Provisional rating of BBB- by S&P Global Ratings, BBB- by Fitch Ratings Inc., and BBB (low) (stable) by DBRS Ltd.
  • Underwriters: Syndicate co-led by Scotia Capital Inc. and National Bank Financial Inc.
  • Prospectus: Offered under the Short Form Base Shelf Prospectus dated June 12, 2024, supplemented by a prospectus supplement dated June 17, 2024, and a pricing supplement dated November 5, 2025.
• Debt Redemption:
  • Target Notes: 4.986% medium-term notes due January 23, 2026.
  • Aggregate Principal Amount Redeemed: C$300 million.
  • Redemption Date: November 23, 2025.
  • Payment Date: November 24, 2025 (due to Nov 23 not being a business day).
  • Redemption Price: $1,000 per $1,000 principal amount, plus accrued and unpaid interest to, but excluding, the redemption date.
• Use of Proceeds:
  • Repay, redeem, or refinance existing indebtedness.
  • Fully finance the redemption of the January 2026 notes.
  • Refinance project-level debt at Goreway Power Station.
  • Refinance Capital Power's credit facilities.
  • General corporate purposes.