Client Work Detail
matter
Polaris Geothermal Closes $27M Debenture Private Placement
CLIENT
Jacob & Company Securities Inc.
DATE
April 11, 2008
EXPERTISE
Energy, Projects and Project Finance, Corporate Finance and Securities, Corporate and Commercial
LAWYER(S)
Walied Soliman, Aglaya Redekopp, Alyssa Achong Low, Geoffrey Gilbert, Andrew Welsh, Aditya Rebbapragada
On April 11, 2008, Polaris Geothermal Inc. ("Polaris Geothermal") completed an offering of 27,000 units, with each unit consisting of a $1,000 principal amount 9.5% secured senior debenture of Polaris Geothermal, 667 warrants and 75 rights, for gross proceeds of $27 million. Polaris Geothermal is a renewable energy company currently focused on the development of geothermal energy projects in Latin America. Polaris is currently developing the initial project on its San Jacinto-Tizate geothermal concession near Leon, Nicaragua, located 90 km due northwest of the capital, Managua.
Jacob & Company Securities Inc. ("Jacob & Co.") acted as agent on the offering. Jacob & Co. is an independent investment bank with a leading financing and advisory business focused in the renewable power and infrastructure sectors. In the previous three years Jacob & Co. principals have managed and structured over 30 transactions in the renewable power sector and have participated in renewable financings valued at more than $1.5 billion.
The net proceeds of the offering will be used to retire Polaris Geothermal's existing 9% redeemable secured debentures issued in March 2006 in the amount of approximately US$8.329 million. The remainder of the net proceeds will be used to advance Polaris Geothermal's San Jacinto-Tizate geothermal power project and for general corporate purposes.
Jacob & Co. was represented by Ogilvy Renault LLP with a team comprised of Walied Soliman, Aglaya Redekopp and Alyssa Achong Low (Securities), and Geoff Gilbert, Andrew Welsh and Aditya Rebbapragada (Debt Financing).
