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Loan Fees Approach 2% July 23, 2010

Upfront fees in the $580 million deal backing Northland Power's 265 MW combined-cycle plant in North Battleford, Saskatchewan, are being pitched as low as 2%. The breach of the established 3% norm is being taken by financiers as a signal that competition is being revived among lenders as they edge away from the club deal format.
On offer for Northland are tickets of $30 million and $45 million which carry upfront fees of 2% and 2.25%, respectively. The package, led by BMO Capital Markets, CIBC and Union Bank, has a tenor of construction plus seven years and includes a ...

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