EDMONTON, Alberta, May  14, 2024  (GLOBE NEWSWIRE) -- Capital Power Corporation ("Capital Power" or the "Company") (TSX:CPX) announced today that it has priced a public offering in Canada of C$450M 8.125% Fixed-to-Fixed Rate Subordinated Notes, Series 2 due June 5, 2054 (the "Notes").

The Offering is expected to close on or about June 5, 2024.

The Company intends to use the net proceeds from the sale of the Notes to repay certain amounts drawn on the Company's credit facilities (which include amounts drawn for the acquisition of a 50% interest in New Harquahala Generating Company, LLC, and a 100% interest in CXA La Paloma, LLC, and related expenses, development purposes and in respect of ongoing operations), to redeem all of the Company's outstanding Cumulative Minimum Rate Reset Preferred Shares, Series 11 (TSX: CPX.PR.K) (the "Preferred Shares"), and for general corporate purposes.

The Notes have been assigned a provisional rating of BB by S&P Global Ratings and BB by DBRS Limited.

The Offering is being made in Canada through a syndicate of investment dealers co-led by RBC Capital Markets and Scotiabank under Capital Power's short form base shelf prospectus dated June 10, 2022, as supplemented by a prospectus supplement dated May 14, 2024 to be filed with the securities regulatory authorities in each of the provinces and territories of Canada. The short form base shelf prospectus and prospectus supplement contain important detailed information about the Notes.

This press release does not constitute an offer to sell or the solicitation of an offer to buy the Notes in any jurisdiction. The Notes have not been approved or disapproved by any regulatory authority. The Notes have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities law, and may not be offered or sold within the United States, or to or for the account of, United States persons.