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Great Lakes Hydro Income Fund Announces Closing of $75 Million Bought Deal Offering
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./ STOCK...
About this update from Brookfield Renewable Partners Lp
[{"type":"text","content":"\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN\n\n\nTHE UNITED STATES./\n\n\nSTOCK SYMBOL: GLH.UN/TSX\n\n\nGATINEAU, QC, Jan. 6 /CNW Telbec/ - (GLH.UN) - Great Lakes Hydro Income\nFund (the "Fund") announces today that the Fund has closed the\npreviously-announced public offering of 4,690,000 trust units of the Fund\n("Trust Units") at C$16.00 per Trust Unit to raise gross proceeds of\napproximately C$75 million on a bought deal basis (the "Offering"). The\nunderwriting syndicate was led by CIBC World Markets Inc. and RBC Capital\nMarkets, and included Scotia Capital Inc., TD Securities Inc., BMO Nesbitt\nBurns Inc., National Bank Financial Inc., HSBC Securities (Canada) Inc.,\nCanaccord Capital Corporation and FirstEnergy Capital Corp (collectively, the\n"Underwriters").\n\n\nAs previously announced, the Fund intends to use C$65 million of the net\nproceeds from the Offering to fund the indirect acquisition from Brookfield\nRenewable Power Inc. ("Brookfield Renewable") of an approximate 49.9% interest\nin: (i) the 189 MW Prince Wind farm in Ontario and (ii) a 50% joint venture\ninterest in the 45 MW Pingston Hydro station in British Columbia (the\n"Proposed Acquisition"). The remaining net proceeds of the Offering will be\nused by the Fund for general corporate purposes. Brookfield Renewable will\nretain an approximate 50.01% interest in Prince Wind and Pingston Hydro\nthrough its ownership of C$65 million of shares exchangeable into Trust Units\non a one-for-one basis. The Proposed Acquisition is expected to close in the\nfirst quarter of 2009.\n\n\nConcurrent with the closing of the Offering, the Fund also sold to\nBrookfield Renewable, on a private placement basis, approximately C$10 million\nof Trust Units at the offering price of $16.00 per Trust Unit (the "Private\nPlacement"). The Fund intends to use the proceeds from the Private Placement\nfor working capital and other general corporate purposes. Following closing of\nthe Offering, the Private Placement and the Proposed Acquisition, and assuming\nthe exchange of all exchangeable shares held by Brookfield Renewable into\nTrust Units, Brookfield Renewable will maintain its approximate 50.01%\nownership interest in the Fund.\n\n\nThe Underwriters have been granted an over...