KeySpan Facilities Completes Public Offering

KeySpan Facilities Income Fund completed a long form follow-on public offering of trust units on April 1, 2004 for total proceeds of $196.8 million. Net proceeds from the offering were used by the Fund to increase its partnership interest in KeySpan Energy Canada Partnership. KeySpan Energy is a natural gas midstream business, consisting of both natural gas gathering and processing as well as the processing, transportation, storage and marketing of natural gas liquids. As a result of the offering, the Fund now owns a 75 per cent interest in KeySpan Energy. The offering was underwritten by a syndicate led by RBC Capital Markets that included National Bank Financial Inc., Scotia Capital Inc., CIBC World Markets Inc., BMO Nesbitt Burns Inc., TD Securities Inc., FirstEnergy Capital Corp., Peters & Co. Limited, Clarus Securities Inc. and First Associates Investments Inc.

The Fund and KeySpan Energy were represented by Macleod Dixon, with a team that included Chrysten Perry, Dan Baxter, Jim McKee, Harold Jacques, Neville Jugnauth, Harvey Steblyk and Karlena Bowker. KeySpan Corp. was represented by in-house counsel Al Bereche and Colleen Meade.
Dorsey & Whitney in Seattle provided US securities law advice, with a team that included Chris Barry and Chris Doerksen.

The underwriters were represented by Fraser Milner Casgrain, with a team that included Bill Jenkins, David Spencer, Craig Story, Scott Bodie, John Reynolds and Toby Allan.