Great Lakes Hydro Income Fund Closes Public Offering

Posted by NAW Staff on January 07, 2009 No Comments
Categories : FYI

Great Lakes Hydro Income Fund has closed the previously announced public offering of approximately 4.7 million trust units at C$16 per trust unit to raise gross proceeds of approximately C$75 million on a bought-deal basis.

The underwriting syndicate was led by CIBC World Markets Inc. and RBC Capital Markets and included Scotia Capital Inc., TD Securities Inc., BMO Nesbitt Burns Inc., National Bank Financial Inc., HSBC Securities (Canada) Inc., Canaccord Capital Corp. and FirstEnergy Capital Corp.

As previously announced, the Fund intends to use C$65 million of the net proceeds from the offering to fund the indirect acquisition from Brookfield Renewable Power Inc. of an approximate 49.9% interest in the 189 MW Prince Wind farm in Ontario and a 50% joint venture interest in the 45 MW Pingston Hydro station in British Columbia.

The remaining net proceeds of the offering will be used by the Fund for general corporate purposes. Brookfield Renewable Power will retain an approximate 50.01% interest in Prince Wind and Pingston Hydro through its ownership of C$65 million of shares, exchangeable into trust units on a one-for-one basis. The proposed acquisition is expected to close in the first quarter of this year.

SOURCE: Great Lakes Hydro Income Fund

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