CALGARY,
AB, Nov. 14, 2022 /PRNewswire/ - TransAlta
Corporation ("TransAlta") (TSX: TA) (NYSE: TAC) is pleased to
announce it has commenced a U.S. public offering of its senior
notes. TransAlta intends to use the net proceeds from the sale of
the notes to repay C$100 million
drawn on its credit facility and replace balance sheet cash used to
fund the repayment in full of TransAlta's 4.500% unsecured senior
notes on November 15, 2022 and pay
any related fees and expenses. TransAlta also intends to allocate
an amount equal to the net proceeds from this offering to finance
or refinance, in part or in full, new and/or existing eligible
green projects in accordance with our Green Bond Framework (the
"Framework"). The Framework received a second-party opinion from
Sustainalytics which verified that it aligned with the Green Bond
Principles from the International Capital Markets Association. The
precise timing, size and terms of the offering are subject to
market conditions and other factors.
RBC Capital Markets LLC, BofA Securities Inc. and CIBC Capital
Markets LLC are joint book runners for the offering which is being
made pursuant to a preliminary prospectus supplement dated
November 14, 2022, to a short form
base shelf prospectus of TransAlta dated June 28, 2021, which forms a part of and is
included in TransAlta's registration statement on Form F-10, filed
in the United States with the U.S.
Securities and Exchange Commission ("SEC"). A final prospectus
supplement in respect of the offering of the notes will be filed
with the SEC. The short form base shelf prospectus and prospectus
supplements contain important detailed information about the notes.
Copies of these documents may be obtained without charge by
visiting the SEC's EDGAR website at www.sec.gov or from Attention:
RBC Capital Markets, 200 Vesey Street, 8th Floor, New York, New York 10281-8098, Telephone:
212-428-6200.
This press 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 state or other
jurisdiction. The notes being offered have not been approved or
disapproved by the SEC or any Canadian securities regulatory
authority, nor has any authority passed upon the accuracy or
adequacy of the short form base shelf prospectus or the prospectus
supplement.
About TransAlta:
TransAlta owns, operates and develops a diverse fleet of
electrical power generation assets in Canada, the United
States and Australia with a
focus on long-term shareholder value. TransAlta provides
municipalities, medium and large industries, businesses and utility
customers with clean, affordable, energy efficient and reliable
power. Today, TransAlta is one of Canada's largest producers of wind power and
Alberta's largest producer of
hydro-electric power. For over 111 years, TransAlta has been a
responsible operator and a proud member of the communities where we
operate and where our employees work and live. TransAlta aligns its
corporate goals with the UN Sustainable Development Goals and its
climate change strategy with CDP (formerly Climate Disclosure
Project) and the Task Force on Climate-related Financial
Disclosures (TCFD) recommendations. TransAlta has achieved a 61 per
cent reduction in GHG emissions since 2015.
Cautionary Statement Regarding
Forward-Looking Information
This news release contains "forward-looking information",
within the meaning of applicable Canadian securities laws, and
"forward-looking statements", within the meaning of applicable
United States securities laws,
including the United States Private Securities Litigation Reform
Act of 1995 (collectively referred to herein as "forward-looking
statements). In some cases, forward-looking statements can be
identified by terminology such as "plans", "expects", "proposed",
"will", "anticipates", "develop", "continue", and similar
expressions suggesting future events or future performance. In
particular, this news release contains, without limitation,
statements pertaining to: the completion and timing of the
offering, TransAlta's intention to use the net proceeds from the
sale of the notes to replace balance sheet cash and any
indebtedness drawn to fund the repayment in full
of TransAlta's 4.500% unsecured senior notes on
November 15th, 2022, and pay any
related fees and expenses; TransAlta's intention to allocate an
equivalent amount to the net proceeds of the offering to finance or
refinance, in part or in full, new and/or existing eligible green
projects in accordance with TransAlta's Green Bond Framework; and
TransAlta's expectations that its Green Bond Framework, and any
future Green Bond issuances, will enable TransAlta to further
expand its commitment to accelerate the deployment of renewable
energy and other environmentally beneficial projects . These
forward-looking statements are not historical facts but are based
on TransAlta's belief and assumptions based on information
available at the time the assumptions were made, including, but not
limited to, the current political and regulatory environment, the
price of power in Alberta and the
condition of the financial markets. These statements are subject to
a number of risks and uncertainties that may cause actual results
to differ materially from those contemplated by the forward-looking
statements. Some of the factors that could cause such differences
include: operational risks involving our facilities; changes in
market prices where we operate; unplanned outages at generating
facilities and the capital investments required; equipment failure
and our ability to carry out repairs in a cost effective and timely
manner, including the Kent Hills remediation; the effects of
weather, catastrophes and public health crises; global supply chain
disruptions impacting major maintenance and growth projects;
disruptions in the source of thermal fuels, water, solar or wind
required to operate our facilities, including the necessary natural
gas supply; energy trading risks; failure to obtain necessary
regulatory approvals in a timely fashion, or at all; inability to
satisfy all conditions and requirements associated with announced
growth projects; negative impact to our credit ratings; legislative
or regulatory developments and their impacts; increasingly
stringent environmental requirements and their impacts; increased
competition; global capital markets activity (including our ability
to access financing at a reasonable cost); changes in prevailing
interest rates; currency exchange rates; inflation levels and
commodity prices; armed hostilities, including an escalation of the
war in Ukraine; general economic
conditions in the geographic areas where TransAlta operates;
disputes or claims involving TransAlta or TransAlta Renewables; and
other risks and uncertainties discussed in TransAlta's materials
filed with the securities regulatory authorities from time to time
and as also set forth in TransAlta's MD&A and Annual
Information Form for the year ended Dec. 31,
2021. Readers are cautioned not to place undue reliance on
these forward-looking statements, which reflect TransAlta's
expectations only as of the date of this news release. The purpose
of the financial outlooks contained in this news release are to
give the reader information about management's current expectations
and plans and readers are cautioned that such information may not
be appropriate for other purposes and is given as of the date of
this news release. TransAlta disclaims any intention or obligation
to update or revise these forward-looking statements, whether as a
result of new information, future events or otherwise, except as
required by law.
View original
content:https://www.prnewswire.com/news-releases/transalta-announces-public-offering-of-us-senior-green-bonds-and-releases-inaugural-green-bond-framework-301676885.html
SOURCE TransAlta Corporation