Great Lakes Hydro Income Fund Completes $75M Offering

On January 6, 2009, Great Lakes Hydro Income Fund completed a public offering of 4,690,000 trust units of the fund at $16 per trust unit for gross proceeds of approximately $75 million on a bought deal basis. The underwriting syndicate was led by CIBC World Markets Inc. and RBC Dominion Securities Inc., and included Scotia Capital Inc., TD Securities Inc., BMO Nesbitt Burns Inc., National Bank Financial Inc., HSBC Securities (Canada) Inc., Canaccord Capital Corporation and FirstEnergy Capital Corp. (the underwriters).

The fund intends to use $65 million of the net proceeds from the offering to fund the indirect acquisition from Brookfield Renewable Power Inc. of an approximate 49.9 per cent interest in: (i) the 189 MW Prince Wind farm in Ontario and (ii) a 50 per cent joint venture interest in the 45 MW Pingston Hydro station in British Columbia. The remaining net proceeds of the offering will be used by the fund for general corporate purposes. This proposed acquisition is expected to close in the first quarter of 2009. Concurrent with the closing of the offering, the fund also sold to Brookfield Renewable, on a private placement basis, approximately $10 million of trust units at the offering price of $16 per trust unit.

The fund was represented by Torys LLP with a team that included Karrin Powys-Lybbe, Rima Ramchandani, Melissa Ewert, and Dan McConville (corporate), and John Tobin and Richard Johnson (tax).

The underwriters were represented by Goodmans LLP with a team that included Lawrence Chernin, Bill Gorman, David Nathanson, and James Rickert (corporate), and Maureen Berry (tax).


James Rickert Karrin A. Powys-Lybbe John J. Tobin William (Bill) Gorman J. Daniel McConville Maureen Berry Melissa D. Ewert Richard W. Johnson Rima Ramchandani Lawrence S. Chernin