TORONTO, Sept. 10, 2013 /CNW/ - Sun Life Financial, Canada's largest
private fixed income lender, has advanced its second of two long term
senior loans totaling $160 million to Enwave Energy Corporation, the
successful district energy services company based in Toronto.
"We are pleased to provide additional financing to Enwave as it
continues building its business providing reliable, cost-effective, and
environmentally sustainable heating and cooling to major buildings in
downtown Toronto," said Tom Robinson, Senior Managing Director, Head of
North American Private Fixed Income. "This innovative term loan
facility is a strong example of the highly customized financing
solutions we provide through our private fixed income investments
group."
The $75 million second tranche of the senior loan facility was provided
at the end of July and it matures in 40 years. This funding follows the
first tranche of $85 million which was advanced in 2010 and matures in
2045. Sun Life Assurance Company of Canada ("Sun Life") is the lead
lender and administrative agent, while third-party funds managed by Sun
Life have invested in a portion of the second tranche.
Sun Life is a major institutional investor, with $105 billion in general
account assets as of June 30, 2013. It is also the largest private
fixed income originator in Canada and among the largest in North
America, currently managing a diversified private debt portfolio of
approximately $20 billion. This portfolio includes issuers from a wide
variety of industries, and it consists of various transaction types
including corporate loans, private securitizations, P3-infrastructure
debt and power project loans. To date, in 2013, Sun Life has provided
over $2.8 billion of senior debt to borrowers located across Canada and
the U.S., and to a growing number in Australia and the U.K.
"We have a long history of structuring unique and complex transactions
that meet the needs of our borrowers and provide Sun Life with
attractive risk-adjusted returns," said Steve Peacher, Executive
Vice-President and Chief Investment Officer. "We are focused on growing
our private fixed income investment portfolio in pursuit of the
company's 2015 financial objectives, and as part of this we are
expanding our portfolio's geographic reach."
Enwave provides steam-based heating, and uses cold water from Lake
Ontario to provide cooling, to more than 150 buildings in downtown
Toronto. Its customers include major commercial office buildings,
government facilities, hospitals, educational institutions and data
centres. Enwave intends to spend up to $100 million over the next two
years to expand its cooling system and connect new customers. Beyond
Sun Life's excellent and long standing relationship with Brookfield
Asset Management, which manages a fund that owns Enwave, Sun Life was
attracted by Enwave's strong credit fundamentals including its
long-term contracts with a diverse customer base, limited competition
in its highly specialized business, and good growth potential.
About Sun Life Financial
Sun Life Assurance Company of Canada is a member of the Sun Life
Financial group of companies. Sun Life Financial is a leading
international financial services organization providing a diverse range
of protection and wealth accumulation products and services to
individuals and corporate customers. Sun Life Financial and its
partners have operations in key markets worldwide, including Canada,
the United States, the United Kingdom, Ireland, Hong Kong, the
Philippines, Japan, Indonesia, India, China, Australia, Singapore,
Vietnam, Malaysia and Bermuda. As of June 30, 2013, the Sun Life
Financial group of companies had total assets under management of $591
billion. For more information please visit www.sunlife.com
Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and
Philippine (PSE) stock exchanges under the ticker symbol SLF.
About Enwave Energy Corporation
Enwave Energy Corporation is a leading provider of innovative,
sustainable energy services. With district energy operations in Toronto
and Windsor, Ontario, the company provides environmentally friendly
heating and cooling to many of the most prestigious buildings and
landmarks in both cities. In Toronto, 40 km of underground pipes
interconnect over 150 buildings to three steam plants and to the
company's world renowned Deep Lake Water Cooling system. On October 31,
2012, Enwave was purchased by a fund that is managed by Brookfield
Asset Management Inc., a global alternative asset manager with over
$175 billion in assets under management.
Note to Editors: All figures in Canadian dollars.
SOURCE Sun Life Financial Inc.
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