Page ContentSpy Hill Power L.P. completes C$156.3 million private placement offering of bondsClosing Date: 1/21/2013Value: C$156.3 million On January 21, 2013, Spy Hill Power L.P. (Spy Hill), issued $156.3 million principal amount of 4.14 per cent Senior Secured Amortizing Bonds, Series A due March 31, 2036 (the Bonds) on a private placement basis. Spy Hill, a wholly-owned subsidiary of Northland Power Inc. (Northland), owns an 86 MW natural gas-fired peaking facility and certain ancillary assets located near Spy Hill, Saskatchewan, which is about 230 kilometres east of Regina. It has a peaking power purchase agreement with SaskPower whereby SaskPower is to pay Spy Hill for being available to produce electricity and to purchase 100 per cent of the electricity generated by the facility for 25 years. The Bonds were rated “A” stable by DBRS Limited. Casgrain & Company Limited and CIBC World Markets Inc. were the co-lead agents for the offering and BMO Nesbitt Burns Inc., National Bank Financial Inc. and Scotia Capital Inc. were also in the syndicate. The proceeds of the Bonds were used by Spy Hill to repay its existing bank debt, settle associated interest rate swaps, pay transaction costs with the remainder distributed to Northland for general corporate purposes. Spy Hill and Northland were represented by BLG with a team consisting of Linda Bertoldi, Paul Findlay, Bruce Fowler, Stephen Redican, Stephen Fyfe, Shane Freitag, Dolores Di Felice, Bernadette Corpuz, Tiffany Murray, Habeeb Syed and Mark Lau.