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Client Work

Northland Power Income Fund closes US$161 million offering of trust units and convertible debentures

Fasken
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Client

CIBC

On October 15, 2009, Northland Power Income Fund (TSX:NPI.UN) announced the closing of its previously announced public offering of Trust Units and 6.25% convertible unsecured subordinated debentures, series A, due December 31, 2014. The group of underwriters, led by CIBC, exercised its over-allotment option in full. Accordingly, the Fund issued an aggregate of 6,704,500 trust units at $10.35 per Trust Unit and $92 million principal amount of Debentures for aggregate gross proceeds of approximately $161 million. The Debentures have been listed on the Toronto Stock Exchange under the symbol "NPI.DB.A". Proceeds from the Offering will be used to finance Northland Power's investment in its 86 MW Spy Hill peaking facility to be built near Spy Hill, Saskatchewan to finance the Fund's remaining commitments related to Northland Power's Jardin d'Eole and Thorold projects, now nearing completion, and other business purposes, including repayment of existing credit facilities. Northland Power Income Fund is a Canadian income trust that indirectly has ownership or economic interests in 10 power projects in operation and construction totaling over 1,100 megawatts. The underwriters were advised in this transaction by a team from Fasken Martineau that included William Orr, Sean Stevens, Brad Freelan, Jessica Catton and Paul Braczek (corporate/securities), and Mitchell Thaw (tax).

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