New Issue: KeySpan Facilities Fund prices C$100 million convertibles

New York, May 21 - KeySpan Facilities Income Fund priced C$100 million of 6.75% subordinated unsecured convertible debentures with a $12.00 per trust unit conversion price, equivalent to a 10.7% initial conversion premium.

RBC Capital Markets was lead manager for the offering, which was not registered for sale in the United States.

The Calgary, Alta., fund, which owns an indirect interest in KeySpan Canada, a transporter and distributor of natural gas, will use proceeds along with a concurrent offering of $100 million of trust units to help fund its acquisition of EnerPro Midstream Co.

Issuer:	KeySpan Facilities Income Fund
Issue:	Subordinated unsecured convertible debentures
Amount:	C$100 million
Maturity:	June 30, 2011
Coupon:	6.75%
Initial conversion premium:	10.7%
Conversion price:	$12.00
Call:	June 30, 2009 onwards at par
Provisional call:	June 30, 2007 onwards at par subject to 125% hurdle
Lead manager:	RBC Capital Markets
Pricing date:	May 20, after close
Settlement date:	June 3

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