Creststreet Power & Income Fund to sell C$25 million convertibles

New York, Dec. 7 - Creststreet Power & Income Fund LP said it plans to sell C$25 million of convertible unsecured subordinated debentures in a public offering in all the provinces of Canada.

Scotia Capital Inc., BMO Nesbitt Burns Inc. and RBC Dominion Securities Inc. will be lead managers of the offering. The syndicate also includes National Bank Financial Inc., TD Securities Inc. and Canaccord Capital Corp. The securities will not be offered in the United States.

Proceeds will be invested in the partnership's wind power companies to fund capital expenditures, to refinance part of their construction debt and for general business purposes.

The convertibles will convert into partnership units at a 10% premium to the first public offering of units following closing of the deal. They will mature on March 15, 2010.

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

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