North West Redwater Partnership Prices C$1 Billion in 10 and 30 Year Bonds /NOT FOR DISTRIBUTION TO THE U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/ CALGARY, July 18, 2014 /CNW/ - North West Redwater Partnership ("NWRP") announces that today , it priced C$ 500 million principal amount of 3.2% series A secured bonds due July 22, 2024 and C$ 500 million principal amount of 4.05% series B secured bonds due July 22, 2044, which will be sold pursuant to a private placement to investors in Canada. The Bonds have been assigned a rating of "A3" with a stable outlook by Moody's Investors Service ("Moody's") and a preliminary rating of "A-" with a stable outlook by Standard and Poor's ("S&P"). Subject to the satisfaction of customary closing conditions, the offering of the bonds (the "Offering") is expected to close on July 23, 2014. NWRP intends to use the net proceeds of the Offering to pay down bank facilities and for general corporate purposes. CIBC World Markets Inc., JP Morgan Securities Canada Inc. and RBC Dominion Securities Inc. acted as joint lead agents and joint bookrunners for the Offering. Barclays Capital Canada Inc., BMO Nesbitt Burns Inc., BNP Paribas (Canada) Securities Inc., Citigroup Global Markets Canada Inc., Merrill Lynch Canada Inc., RBS Capital Markets (Canada) Limited, Scotia Capital Inc., TD Securities Inc., AltaCorp Capital Inc., Desjardins Securities Inc., National Bank Financial Inc. and Casgrain & Company Limited acted as co-agents. NWRP is an Alberta general partnership formed by NWU LP ("NWUP"), an indirect wholly-owned subsidiary of North West Upgrading Inc. ("NWU"), and Canadian Natural Upgrading Limited ("CNUL"), a wholly-owned subsidiary of Canadian Natural Resources Limited ("CNRL"). NWRP was formed solely for the purposes of constructing and operating a refinery in the Alberta Industrial Heartland Area (the "Refinery"). Once completed, the Refinery is targeted to have the capacity to process approximately 79,000 barrels per day ("bbl/d") of bitumen blend feedstock(50,000 bbl/d of bitumen) into approximately 80,000 bbl/d of refined products including ultra-low sulfur diesel and diluents. Processing of the bitumen blend will be undertaken using conventional and commercially-proven technologies. Completion of the Refinery is targeted in September 2017 and construction costs are estimated to be $8.5 billion. Advisories This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Certain information and statements contained in this news release constitute forward-looking information within the meaning of applicable Canadian securities laws. When used in this news release, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect", and similar expressions, as they relate to NWRP or its management, are intended to identify forward-looking information. In particular, forward-looking information included in this news release includes information with respect to: the anticipated benefits of the Offering on NWRP's financial position, the size and terms of the Offering, the use of proceeds realized therefrom by NWRP, the closing date of the Offering and the credit ratings of the Bond.. Such information reflects the current views of NWRP's management with respect to future events and is subject to certain risks, uncertainties and assumptions, including, without limitation: market demand for the Debentures, NWRP's ability to meet the closing conditions of the Offering on the timelines it has planned, general market conditions for the industries that NWRP services, fluctuations in interest rates and exchange rates. By its nature, forward-looking information involves numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking information will not occur. Many other factors could also cause actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking information and readers are cautioned that the foregoing list of factors is not exhaustive. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Furthermore, the forward-looking information contained in this news release is made as of the date hereof and is expressly qualified by this cautionary statement. Unless otherwise required by law, NWRP does not intend, or assume any obligation, to publicly revise any forward-looking information to reflect subsequent events or circumstances. SOURCE North West Redwater Partnership regarding NWRP; www.nwrpartnership.com, or email firstname.lastname@example.org To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/July2014/18/c2042.html CO: North West Redwater Partnership ST: Alberta NI: OIL NEWSTK
North West Redwater Partnership Prices C$1 Billion in 10 and 30 Year Bonds
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