PowerStream Inc.

PowerStream Inc.

November 21, 2014 13:59 ET

PowerStream Inc. Completes Private Placement Offering of $150 Million Aggregate Principal Amount of Senior Unsecured Series B Debentures

VAUGHAN, ONTARIO--(Marketwired - Nov. 21, 2014) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

PowerStream Inc. (the Corporation) has today completed its private placement offering of $150 million principal amount of senior unsecured Series B Debentures that will come due on November 21, 2024, and will bear interest at the rate of 3.239% per year.

The Series B Debentures were sold on an agency basis through a syndicate (the Syndicate) led by BMO Nesbitt Burns Inc. The Syndicate also includes TD Securities Inc., CIBC World Markets Inc., RBC Dominion Securities Inc. and Scotia Capital Inc.
The net proceeds from the sale of the Series B Debentures will be used to repay existing short-term credit facilities of the Corporation, and for general corporate purposes.

The Corporation was represented by Gowling Lafleur Henderson LLP. Blake, Cassels & Graydon LLP acted as counsel for the Syndicate.

The Series B Debentures have not been and will not be registered in the United States under the Securities Act of 1933, as amended, and may not be offered, sold or delivered in the United States or to U.S. Persons absent registration or applicable exemption from the registration requirement of such Act. This news release does not constitute an offer to sell or a solicitation to buy the Series B Debentures in the United States.

About PowerStream

PowerStream is a municipally-owned energy company that provides power and related services to more than 350,000 customers residing or owning a business in 15 communities located immediately north of Toronto and in Central Ontario. It is jointly owned by the Cities of Barrie, Markham and Vaughan.

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