Toronto-based Tonbridge Power Inc., the parent company of Montana Alberta Tie Ltd. (MATL), completed a $31 million debt facility on Oct. 5 with Anchorage Capital Master Offshore III Ltd.
According to MATL, the debt facility will allow Tonbridge to complete its business plan through to the construction phase of the Montanta-Alberta tie transmission project, a power line that will connect Lethbridge, Alberta, to Great Falls, Mont. MATL says the first tranche of $18 million will be used to complete the development phase of the project, and a second tranche of $13 million will be used to repay MATL's existing development loan facility after the project receives all necessary regulatory permits.
Morgan Stanley & Co arranged the debt facility.
