Cory Cogeneration Completes Project Financing

On April 26, 2001, Cory Cogeneration Funding Corporation completed a project financing consisting of the issue of $97 million 7.586 per cent Senior Secured Project Bonds, Series A and $85 million 7.601 per cent Senior Secured Bonds, Series B, the establishment of a $12 million cost overrun facility and an up to $10 million operating facility. The proceeds from the financing will be loaned by Cory Cogeneration to SaskPower International Inc. and ATCO Power Canada Ltd. to pay a portion of the costs associated with the development, construction and commissioning of a 228 MW natural gas-fired cogeneration power plant, located on the Potash Corporation of Saskatchewan Inc.’s Cory Mine site near Saskatoon, Saskatchewan. The underwriters for the offering were RBC Dominion Securities Inc. and BMO Nesbitt Burns Inc. The lenders under the credit facilities were Royal Bank of Canada and Bank of Montreal.

Acting for Cory Cogeneration, ATCO and SaskPower in the transaction were Lorne Carson, Don Anderson, John Kousinioris, Denise Bright and Debbie Bryden (banking and securities) and Alan Ross (tax) of Bennett Jones LLP. Cory Cogeneration was also represented as to Saskatchewan law by Don Wilson, Q.C., Neil MacKay, Aaron Runge and James Camplin of MacPherson Leslie & Tyerman. SaskPower was represented by senior in-house counsel Debra McAllister. Acting for the underwriters and lenders were Glenn Cameron, Mike Styczen, Dean Burns (banking and securities), Alyson Goldman (securities) and David Weekes (tax) of Stikeman Elliott and, as to Saskatchewan law, Keith Boyd and Warren Sproule of Kanuka Thuringer. United States counsel for the transaction was Judithe Little of Haynes and Boone, LLP.