Kirkland Lake Power Enters into Secured Credit Facility

On November 28, 2003, Kirkland Lake Power Corp. (KLPC), a member of the Probyn Group, entered into a secured credit facility with Sun Life Assurance Company of Canada and the Great-West Life Assurance Company (collectively the lenders), with Sun Life acting as administrative agent. Under the credit agreement, KLPC obtained credit facilities in the aggregate amount of $30 million to finance the development, construction and commissioning costs of a new gas-fired combustion turbine-generator to be located on a plant site adjacent to KLPC’s existing electricity generation facilities in Kirkland, Ontario. The gas turbine was purchased from GE Packaged Power, Inc. and the engineering, procurement and construction contract was entered into with AECON Industrial, a division of AECON Construction Group Inc. The expansion plant will be managed by Northland Power Inc. (NPI). Power produced by the new plant will be sold to the Ontario Electricity Financing Corp. (OEFC).

KLPC was represented by McCarthy Tétrault LLP, with a team that included Iain Morton, Donald Gibson, John Currie and Gail Wong. The lenders were represented by Ogilvy Renault, with a team that included Nick Williams, Valerie Helbronner, Nicole Sigouin and Norman Lieff. Great-West was also represented by in-house counsel Virginia Toni. NPI was represented by Borden Ladner Gervais LLP, with a team that included Linda Bertoldi, Richard Morelli and Paul McCarten. OEFC was represented by Gowling Lafleur Henderson LLP, with a team that included Terence McNally and Ian Macdonald.