Gaz Métro increases its credit facility by $200 million

MONTREAL, Jan. 28, 2015 /CNW/ - Valener Inc. ("Valener") announced today that Gaz Métro inc. ("GMi") entered into a first supplemental agreement (the "First Supplemental Agreement") to the credit agreement it entered into on March 2, 2012 with its bank syndicate providing for an increase of the initial revolving credit facility amount committed by the lenders from $600 million to $800 million and an extension of the maturity date to March 2, 2020. The First Supplemental Agreement is guaranteed by Gaz Métro Limited Partnership ("Gaz Métro"). Besides the $200 million increase in the size of the facility and the extended maturity, the terms of the original credit agreement remain unchanged by the First Supplemental Agreement. The credit facility is also secured by collateral security backed by the assets of GMi and Gaz Métro.

Proceeds from the credit facility will be loaned by GMi to Gaz Métro on substantially similar terms as to interest rate and maturity, and will be used by Gaz Métro for general corporate purposes.

Overview of Valener

Valener is a public company that is 100% owned by public investors and serves as the investment vehicle in Gaz Métro. Through its investment in Gaz Métro, Valener offers its shareholders a solid investment in a diversified and largely regulated energy portfolio in Quebec and Vermont. As a strategic partner, Valener, on one hand, contributes to Gaz Métro's growth, and on the other hand invests in wind power production in Quebec together with Gaz Métro. Valener favours energy sources and uses that are innovative, clean, competitive and profitable. Valener's common shares and preferred shares are listed on the Toronto Stock Exchange under the "VNR" symbol for common shares and under the "VNR.PR.A" symbol for Series A preferred shares. www.valener.com.

Overview of Gaz Métro and GMi

GMi mainly holds an economic interest of approximately 71% in Gaz Métro, for which it acts as the General Partner and a financing vehicle.

With more than $6 billion in assets, Gaz Métro is a leading energy provider. It is the largest natural gas distribution company in Québec, where its network of over 10,000 km of underground pipelines serves 300 municipalities and more than 195,000 customers. Gaz Métro is also present in Vermont, producing electricity and distributing electricity and natural gas to meet the needs of more than 305,000 customers. Gaz Métro is actively involved in the development and operation of innovative, promising energy projects such as the production of wind power, the use of natural gas as a transportation fuel and the development of biomethane. Gaz Métro is a major energy sector player that takes the lead in responding to the needs of its customers, regions and municipalities, local organizations and communities while also satisfying the expectations of its partners (GMi and Valener Inc.) and employees. www.gazmetro.com.

SOURCE Valener Inc.

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