On June 27, 2008, Creststreet Power & Income Fund LP (the “Partnership”) completed the sale of its operating subsidiaries, Mount Copper Wind Power Energy Inc. and Pubnico Point Wind Farm Inc., to an affiliate of FPL Energy, LLC (“FPL”) for $121.6 million. The Partnership redeemed all of its outstanding 7 per cent and 8 per cent convertible debentures and distributed the remaining net assets to unitholders on July 11, 2008.
Unitholders received an amount equal to $6.9150 per unit on the distribution of net assets. Seven per cent debenture holders received $1,032.44 per $1,000 principal amount upon redemption and 8 per cent debenture holders received $1,062.33 per $1,000 principal amount upon redemption.
McCarthy Tétrault LLP was counsel to the Partnership with a team that consisted of Graham Gow, Brian Graves, Shea Small, Ian Michael, Amrit Sidhu and Kenneth McKay (corporate); Nigel Johnston (tax); Gordon Baird and Lynn Parsons (banking); and Kim Thomassin and Louis-Nicolas Boulanger (regulatory).
Gowling Lafleur Henderson LLP together with Weezie Roberson of FPL were counsel to the purchaser with a team consisting of David McFadden, Connie Sugiyama, Tim Wach, Bryce Kraeker, Danielle Waldman and Michael Boehm. Davies Ward Phillips & Vineberg LLP was counsel to the special committee of the Partnership with a team that consisted of Jay Swartz, Vincent Mercier, Richard Fridman and Chrissy Giannoulias (corporate) and Elie Roth (tax).