Integrated Asset Management Corp.

Integrated Asset Management Corp.

September 14, 2010 08:30 ET

Integrated Asset Management Corp. and Integrated Private Debt Corp. Announce $90 Million Financing for Enwave Energy Corporation

TORONTO, ONTARIO--(Marketwire - Sept. 9, 2010) - Integrated Asset Management Corp. ("IAM") (TSX:IAM) and its private corporate debt group, Integrated Private Debt Corp. ("IPD") announced today the closing of a $90 million senior term loan to Enwave Energy Corporation ("Enwave"). The loan is structured in two tranches: a 35 year $85 million tranche and a 10 year $5 million tranche. The 35 year term tranche was provided by Sun Life Financial pursuant to a continuing relationship with IPD.

Enwave is owned by the City of Toronto and OMERS. The total capital raised will be used to refinance existing debt and provide Enwave resources for future capital projects.

Enwave is one of the largest district energy systems in North America, serving 36% of the potential heating market in downtown Toronto by providing heating and/or cooling services to over 130 institutional and commercial buildings. Enwave's Deep Lake Water Cooling System uses the cold energy from Lake Ontario to cool buildings in downtown Toronto. Customers include the Toronto Dominion Centre, Royal Bank Plaza, Metro Toronto Convention Centre and the Air Canada Centre. The system can air-condition approximately 32 million square feet of building space.

"District energy businesses have a long term life cycle. It is beneficial for Enwave to work with partners like IPD and their funding participants who have long term business perspectives" said Krishnan Iyer, Enwave CFO and EVP Company Operations.

John Robertson, President of IPD, said "The Enwave transaction represents an attractive further expansion of our diversified portfolio of infrastructure financings. We are very appreciative of this opportunity to continue working with industry leaders like Enwave."

IPD provides funding from the $1.0 billion Integrated Private Debt Fund LPs on behalf of a number of pension funds and other institutional investors. IPD offers fixed rate, investment grade term loans to mid-market companies for such purposes as refinancing existing debt, business expansion, project financing and management buyouts.

IAM is one of Canada's leading alternative asset management companies, with approximately $2.0 billion in assets and committed capital under management in private corporate debt, private equity, managed futures, global bonds, real estate and retail alternative investments.

Contact Information

  • Integrated Asset Management Corp.
    Michael LeClair
    Managing Director