Creststreet Power & Income Fund to sell convertibles due 2011

By Jennifer Chiou

New York, Aug. 2 - Creststreet Power & Income Fund LP said it plans to offer convertible unsecured subordinated debentures due Sept. 15, 2011.

The offering is being led by CIBC World Markets Inc. and BMO Capital Markets and the syndicate also includes Scotia Capital Inc., RBC Capital Markets, National Bank Financial Inc., TD Securities Inc., Acumen Capital Finance Partners Limited, Canaccord Adams and HSBC Securities (Canada) Inc.

Proceeds will be used to fund a portion of its previously announced commitment to Kettles Hill Wind Energy Inc., to repay debt incurred to finance the partnership's existing investment in Kettles Hill and for general business purposes. The Kettles Hill facility is a 63 megawatt wind energy project under construction near Pincher Creek, Alta.

The company also said that a special meeting of limited partners for the purpose of approving a further investment in Kettles Hill will be held on Sept 6.

Creststreet said it applied to list the debentures under "CRS.DB.A" on the Toronto Stock Exchange.

Toronto-based Creststreet Power & Income Fund is Canada's first wind power fund.

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