Great Lakes Hydro Income Fund completed the offering of 11,286,000 trust units for gross proceeds of $155.2 million on December 21, 2001. Great Lakes Power Inc. purchased 50 per cent of the offered trust units, thereby maintaining its 50 per cent ownership of the fund. The offering of the trust units to the public was through a syndicate led by CIBC World Markets Inc. The net proceeds of the offering will be used to partially finance the indirect acquisition of a hydroelectric system and related transmission facilities in Maine.
Desjardins Ducharme Stein Monast acted for the fund, with a team that included Lucie Roy, Benoit Dionne, Valérie Douville and Claude-Etienne Borduas. Torys LLP acted for the underwriters, with a team that included Phil Brown, Amanda Balasubramanian, Tom Zverina, Jim Welkoff and Ann Marie McGovern (tax).