Canadian Energy Co. Enters I-Rate Swaps

  • 29 Jul 2002
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TransAlta Corp., a Canadian energy company with more than USD7 billion in assets, has entered a handful of interest-rate swaps on the back of a recent bond deal to convert a fixed-rate obligation into a mix of fixed and floating-rate liabilities. An official in the treasury department in Calgary said the company entered four separate swaps totaling USD125 million in which it will receive the fixed-rate bond coupon of 6.75% and pay four separate unspecified floating rates. He said the swaps allow the company to evenly split the USD300 million deal into fixed and floating-rate liabilities.

The Canadian company did not enter any foreign exchange options as part of the deal, because the capital was raised to replace other dollar-denominated exposure, the official said. He declined further comment.

 

  • 29 Jul 2002

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