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Old Posted Dec 11, 2013, 4:29 PM
statbass statbass is offline
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Loan Guarantee Signed and Delivered

Dec 12, 2013

With financing secured, the conditions of the Muskrat Falls federal loan guarantee have officially been met. The Premier made the announcement to a room full of more than a hundred supporters last night. The province was able to borrow $5-billion over 40 years at a blended rate of 3.8 per cent. For ratepayers, that means a savings of over a billion dollars. VOCM's Danielle Barron reports.

Kathy Dunderdale says there was a lot of interest in the project. Because of that, the province was able to achieve the highest possible credit rating at what she calls a historically low interest rate. TD Securities and Goldman Sachs are the co-lead arrangers. They and a syndicate of financial institutions have raised the the $5-billion.

Dunderdale says the magnitude of the financing cannot be underestimated. The bond placement she says is one of the largest in Canadian history. She attributes the success of financing to the team at Nalcor. Dunderdale says the fact is there's a robust business case and the benefits cannot be denied.

The Premier calls it a proud day for Nova Scotia and Canada. She says it is Newfoundland and Labrador's time to be a leader in the country like never before.

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