The Consumers' Waterheater Income Fund
TSX : CWI.UN

The Consumers' Waterheater Income Fund
The Consumers' Waterheater Operating Trust

February 19, 2010 10:33 ET

The Consumers' Waterheater Income Fund and The Consumers' Waterheater Operating Trust Announce the Completion of the Trust's Previously Announced Offering of $240,000,000 Senior Unsecured Notes

TORONTO, ONTARIO--(Marketwire - Feb. 19, 2010) - The Consumers' Waterheater Income Fund (the "Fund") (TSX:CWI.UN) and The Consumers' Waterheater Operating Trust (the "Trust") today announced that the Trust has completed its previously announced offering of $240 million aggregate principal amount of 5.25% Series 2010-1 Senior Unsecured Notes due March 15, 2013 (the "Senior Notes"). The Senior Notes received ratings of "A" (negative trend) from DBRS Limited and "A-" from Standard & Poor's Rating Services. The Senior Notes were offered under a prospectus supplement dated February 12, 2010 to the Trust's short form base shelf prospectus dated March 19, 2008 filed with the securities regulatory authorities in each of the provinces of Canada. The Senior Notes were underwritten by a syndicate of underwriters led by TD Securities Inc., and included Scotia Capital Inc., Desjardins Securities Inc. and HSBC Securities (Canada) Inc.

The proceeds of the offering were used to repay the Trust's $240 million bridge credit facility.

This news release does not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction. The securities being offered have not been approved or disapproved by any regulatory authority nor has any such authority passed upon the accuracy or adequacy of the prospectus supplement or the short form base shelf prospectus.

The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered, sold or delivered within the United States of America.

About The Consumers' Waterheater Income Fund and The Consumers' Waterheater Operating Trust

The Fund and Trust own a portfolio of approximately 1.3 million installed water heaters and other assets, rented primarily to residential customers in Ontario. The Fund also owns Stratacon, a leading "smart" sub-metering business, with metering contracts for condominium and apartment suites in Ontario, Alberta and elsewhere in Canada.

Additional information regarding the Fund and the Trust, including their respective current Annual Information Forms, are available on SEDAR at www.sedar.com

Contact Information

  • The Consumers' Waterheater Income Fund
    The Consumers' Waterheater Operating Trust
    Steve Bower
    CFO
    +1.905.943.6292 or +1.877.877.0142
    sbower@consumerswaterheaters.com