STOCK SYMBOL: GLH.UN/TSX
GATINEAU, QC, July 21 /CNW Telbec/ - (GLH.UN) - Great Lakes Hydro Income Fund (the "Fund") announced today that its subsidiary, Powell River Energy Inc., has successfully raised $95 million of first mortgage bonds maturing in July 2016 to refinance $75 million of mortgage bonds due on July 24, 2009. The new bonds will bear a fixed interest rate of 6.45%, payable semi-annually. The transaction is scheduled to close on July 24, 2009.
Richard Legault, President & CEO of Great Lakes Hydro Income Fund stated, "This refinancing is further evidence of the quality of the Fund's assets and its ability to access the capital markets at attractive rates even during times of uncertainty."
About Great Lakes Hydro Income Fund
Great Lakes Hydro (www.greatlakeshydro.com) is a premier Canadian income fund and one of the largest power income funds in North America with 1,260 megawatts of power generating capacity and average annual production of 4,539 gigawatt hours.
Great Lakes Hydro Income Fund produces electricity exclusively from environmentally friendly and renewable resources. The Fund indirectly owns or holds interests in 27 high quality hydroelectric generating stations and one wind farm in four distinct geographic regions across North America: Quebec, Ontario, British Columbia and New England.
Brookfield Renewable Power, which comprises all the power operations of Brookfield Asset Management, owns 50.01% of the Fund's outstanding units on a fully exchanged basis.
Great Lakes Hydro Income Fund units are listed for trading on the Toronto Stock Exchange under the symbol GLH.UN.
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