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Great Lakes Hydro Income Fund Announces Closing of $380 Million Subscription Receipts Financing
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES STOCK SY...
About this update from Brookfield Renewable Partners Lp
[{"type":"text","content":"\n\n\n\nNOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN\nTHE UNITED STATES\n\nSTOCK SYMBOL: GLH.UN/TSX\n\n\nGATINEAU, QC, July 24 /CNW Telbec/ - (GLH.UN) - Great Lakes Hydro Income\nFund (the "Fund") announced today that it has successfully closed a\nbought-deal public offering (the "Offering") of 12,242,500 subscription\nreceipts ("Subscription Receipts") for gross proceeds of approximately $185\nmillion, and the sale to certain institutional investors, on a private\nplacement basis ("Private Placement"), of 13,320,000 Subscription Receipts for\ngross proceeds of approximately $195 million. The Offering and Private\nPlacement, originally announced on July 6, 2009, resulted in total gross\nproceeds of approximately $380 million.\n\n\nThe Offering and the Private Placement were led by Scotia Capital Inc.\nand CIBC World Markets Inc., with a syndicate that included RBC Dominion\nSecurities Inc., TD Securities Inc., BMO Nesbitt Burns Inc., National Bank\nFinancial Inc., HSBC Securities (Canada) Inc., Canaccord Capital Corporation\nand FirstEnergy Capital Corp.\n\n\nAs previously announced, the Fund intends to use the net proceeds from\nthe Offering and Private Placement as partial consideration for (i) the\nacquisition of 15 hydroelectric stations and one soon-to-be-constructed wind\npower project from Brookfield Renewable Power Inc. ("BRPI"); and (ii) an\nincrease in the price that BRPI pays the Fund for power generated at the\nFund's Lievre and Mississagi facilities (collectively, the "Transaction"). The\nproceeds from the Offering and Private Placement will be held in escrow\npending the completion of the Transaction.\n\n\nThe closing of the Transaction is subject to customary closing conditions\nand the receipt of all necessary regulatory approvals, including approval by\nthe Fund's minority unitholders. A special meeting of unitholders has been\ncalled for August 19, 2009 to approve the Transaction, which is expected to\nclose in the third quarter of 2009.\n\n\nEach Subscription Receipt entitles the holder to receive, for no\nadditional consideration, one trust unit of the Fund upon closing of the\nTransaction. The Subscription Receipts issued to private placement purchasers\nare subject to resale restrictions under applicable securities laws.\n...