Algonquin Power Income Fund
TSX : APF.UN

Algonquin Power Income Fund

November 09, 2006 16:00 ET

Algonquin Power Income Fund Announces Amended Terms to its Previously Announced Offerings

OAKVILLE, ONTARIO--(CCNMatthews - Nov. 9, 2006) -

Not for distribution to U.S. news wire services or dissemination in the United States.

Algonquin Power Income Fund ("Algonquin") (TSX:APF.UN) has announced today that, in light of the recent statements from the federal Minister of Finance respecting the taxation of income trusts and the ensuing impact on the capital markets, it is proposing to amend certain terms of its previously announced financing. BMO Capital Markets and CIBC World Markets Inc. and a syndicate of underwriters have agreed to propose amendments to the terms of the trust units and debentures offered in the previously-announced, October 12th offering, and will offer, on a marketed basis, $60,000,000 principal amount of 6.20% convertible unsecured subordinated debentures due November 30, 2016 with a conversion price of $11.00 (the "Debentures"). The offering is expected to close on or about November 22, 2006. Completion of the offering is subject to the filing of amended and restated prospectuses and requisite regulatory approvals, including approval of the Toronto Stock Exchange. The trust unit offering will not proceed at this time.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

About Algonquin Power Income Fund

Algonquin Power Income Fund is an open-ended investment trust that owns and has interests in a diverse portfolio of power generating and infrastructure assets across North America, including 48 hydroelectric facilities, five natural gas-fired cogeneration facilities, 17 alternative fuels facilities and 15 water reclamation and distribution facilities. Algonquin Power Income Fund was established in 1997 to provide unitholders with sustainable, highly stable and growing cash flows through a diversified portfolio of energy and infrastructure assets. Algonquin Power Income Fund's units and convertible debentures are traded on the Toronto Stock Exchange under the symbols APF.UN & APF.DB, and units are included in the S&P/TSX Composite Index. More information about Algonquin Power Income Fund can be found at www.algonquinpower.com.


Contact Information