On March 5, 2003, Northland Power Income Fund, an investment trust in the business of electricity generation, completed a public offering of 6.05 million trust units at $10.75 per unit for gross proceeds of approximately $65 million, with approximately an additional $9.8 million of gross proceeds on the exercise by the underwriters of an over-allotment option that closed on March 19.
The net proceeds from the offering will be used by the fund to repay the acquisition facility of approximately $42.5 million drawn upon to; fund the purchase of a 25 per cent interest in an operating cogeneration project near Kingston, Ontario, and to fund the acquisition of two new state-of-the-art General Electric gas turbines at Northland Power’s facility in Iroquois Falls, Ontario, and for other acquisitions.
Borden Ladner Gervais LLP acted for the fund, with a team that included Linda Bertoldi (energy), Paul Findlay, Ross DeBoni and Daniel Westreich (securities/corporate) and Stephen Fyfe and Kevin Fritz (tax). McCarthy Tétrault LLP acted for the underwriters, which included CIBC World Markets Inc., Scotia Capital Inc., BMO Nesbitt Burns Inc., National Bank Financial Inc., RBC Dominion Securities Inc. and FirstEnergy Capital Corp., with a team that included Christopher Hoffmann, Frank DeLuca and Lynn Parsons (securities/corporate), Michael Weizman (energy) and Jim Morand (tax).
The net proceeds from the offering will be used by the fund to repay the acquisition facility of approximately $42.5 million drawn upon to; fund the purchase of a 25 per cent interest in an operating cogeneration project near Kingston, Ontario, and to fund the acquisition of two new state-of-the-art General Electric gas turbines at Northland Power’s facility in Iroquois Falls, Ontario, and for other acquisitions.
Borden Ladner Gervais LLP acted for the fund, with a team that included Linda Bertoldi (energy), Paul Findlay, Ross DeBoni and Daniel Westreich (securities/corporate) and Stephen Fyfe and Kevin Fritz (tax). McCarthy Tétrault LLP acted for the underwriters, which included CIBC World Markets Inc., Scotia Capital Inc., BMO Nesbitt Burns Inc., National Bank Financial Inc., RBC Dominion Securities Inc. and FirstEnergy Capital Corp., with a team that included Christopher Hoffmann, Frank DeLuca and Lynn Parsons (securities/corporate), Michael Weizman (energy) and Jim Morand (tax).
