Stanley Power Completes Bridge Facility Refinancing

On December 19, 2008 Stanley Power Inc. completed the refinancing of a bridge facility that had been provided to Stanley Power by The Toronto-Dominion Bank and Canadian Imperial Bank of Commerce to finance Stanley Power's acquisition of TransAlta Power, L.P. The bridge facility was partially repaid with the proceeds from the initial drawdown under the non-revolving syndicated term loan credit facility of up to $325,000,000 provided to Stanley Power by Canadian Imperial Bank of Commerce, The Toronto-Dominion Bank and The Bank of Nova Scotia, as lenders, Canadian Imperial Bank of Commerce, as agent for the lenders, CIBC World Markets as lead arranger and sole bookrunner and TD Securities and Scotia Capital as co-syndication agents.

Stanley Power is owned by Cheung Kong Infrastructure Holdings Limited and Hongkong Electric Holdings Ltd., whose subsidiaries provided additional funding to Stanley Power concurrently with the closing of the term loan credit facility to complete the repayment of the bridge facility.

Stanley Power was represented by Stikeman Elliott LLP with a team led by Glenn Cameron that consisted of Brian Hansen (Sydney) and Leland Corbett, Mark Christensen, Benjamin Hudy and Veronica Tang (Calgary). The lenders were represented by McCarthy T├ętrault LLP with a team led by Michael McIntosh and including Ira Cooper, Peter Keohane, Lisa Asbreuk and Josh Stachniak.