Northland Power Income Fund Completes $161M Offering of Trust Units and Convertible Debentures

On October 15, 2009, Northland Power Income Fund – an income trust that develops, constructs, finances, owns, manages and operates power projects – closed a public offering of 5,830,000 trust units at a price of $10.35 per trust unit and $80 million aggregate principal amount of 6.25 per cent convertible unsecured subordinated debentures, series A, due December 31, 2014. The underwriters fully exercised their over-allotment option to purchase an additional 874,500 trust units and $12-million principal amount of debentures. The exercise of the over-allotment option brought the total aggregate gross proceeds of the public offering to approximately $161 million.

Northland was represented by Borden Ladner Gervais LLP, with a team led by Linda L. Bertoldi and assisted by Paul G. Findlay, Dyana McLellan and Tal Cyngiser (securities); Anna C. Naud, Tracy D. Robillard and Josephine Shapiro (corporate); and Stephen Fyfe and Pierre Letourneau (tax).

The underwriting syndicate was led by CIBC World Markets Inc. and included BMO Nesbitt Burns Inc., National Bank Financial Inc., RBC Dominion Securities Inc., Scotia Capital Inc., Canaccord Capital Corporation, FirstEnergy Capital Corp., Cormark Securities Inc. and Macquarie Capital Markets Canada Ltd.

Fasken Martineau DuMoulin LLP represented the underwriters with a team led by William Orr and Sean Stevens and assisted by Brad Freelan, Jeff Hergott, Jessica Catton and Paul Braczek (corporate and securities) and Mitchell Thaw (tax).

Skadden, Arps, Slate, Meagher & Flom LLP acted as US counsel, with a team led by Christopher W. Morgan and assisted by David Beeston.