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File photo of Muskrat Falls at the Churchill River in central Labrador.
File photo of Muskrat Falls at the Churchill River in central Labrador.
(Greg Locke/Reuters)

Newfoundland raises $5-billion in TD-led deal for power project

Newfoundland & Labrador’s power company has the private financing it needs to build the Muskrat Falls power project after a $5-billion bond sale led by Toronto-Dominion Bank’s securities unit.

TD was the lead arranger on a financing package that included six tranches of bonds, the longest-dated maturing in 40 years. Winning the mandate to lead the deal also required putting together a deposit package for the provincial power company, which does not need all the cash up front and so will put some in the bank until it is required.