Page ContentClean Power completes landfill gas facilities investmentDate Closed: 10/31/2002Value: US$94 million Clean Power Income Fund completed its US$94 million indirect investment in Gas Recovery Systems Inc. (GRS), the largest independent landfill gas recovery power generator in the U.S. and a leader in the development of the North American landfill gas industry. The deal closed on October 31, 2002. The fund's investment was financed through a $135 million bank facility from a syndicate of lenders, led by The Bank of Nova Scotia and including Bank of Montreal and National Bank, and a $35 million special warrant offering. On November 13, 2002, the fund completed a $75 million subscription receipt offering, the proceeds of which were used to repay a portion of the bank facility. The syndicate of underwriters for each of the special warrant offering and the subscription receipt offering was led by Scotia Capital Inc., and included BMO Nesbitt Burns Inc., CIBC World Markets Inc., RBC Dominion Securities Inc. and National Bank Financial Inc. BLG acted for the syndicate of lenders, with a team that included Joanne Foot, Murray Shopiro, James Mathers, Bruce Fowler, Stephen Redican, Carlyn Klebuc, Bindu Pendala and Jenette Boycott in Toronto; Tim Sehmer and Mary Jo Campbell in Vancouver; and Marilyn Paterson in Calgary.