EPCOR Power L.P. completes US$225 million private placement of senior notes

    EDMONTON, Aug. 15 /CNW/ - (TSX: EP.UN) - EPCOR Power L.P. (collectively
with its subsidiaries, the "Partnership") announced today that its indirect
subsidiary, EPCOR Power (US) G.P. ("the Issuer"), has closed a US$225 million
private placement of senior notes. The proceeds from the transaction will
primarily be used to repay existing debt, including the balance of the bridge
acquisition credit facility due in October 2009 incurred to finance the
acquisition of Primary Energy Ventures LLC ("PEV") and for general corporate
    "This US dollar private placement completes our long-term debt
refinancing for the acquisition of PEV," said Stuart Lee, CFO, EPCOR Power
Services Ltd., the general partner of the Partnership. "The transaction
improves the Partnership's financial flexibility and further extends its
overall maturity profile."
    The US$225 million in senior notes have been issued in two tranches
consisting of 10 and 12 year maturities at a weighted average interest rate of
5.90%. The US$150 million in 10-year notes carry a coupon of 5.87% and the
US$75 million in 12-year notes carry a coupon of 5.97%.
    The notes are senior unsecured obligations of the Issuer and are
guaranteed by the Partnership and Curtis Palmer Inc., an indirect subsidiary
of the Partnership, and will rank pari passu in right of repayment with the
Partnership's other senior unsecured indebtedness.
    Banc of America Securities LLC and HSBC Securities (USA), Inc. acted as
the lead and joint book runners, respectively, in connection with the private
placement of securities.

    About EPCOR Power L.P.

    Established in 1997, EPCOR Power L.P. is a limited partnership organized
under the laws of the Province of Ontario. The Partnership has an ownership
interest in a portfolio of 20 power generation assets in Canada and the United
States with total net generating capacity of 1,287 megawatts and more than
three million pounds per hour of thermal energy. The Partnership also owns a
15.4 percent interest in Primary Energy Recycling Holdings LLC ("PERH"). PERH
wholly owns four recycled energy assets in the United States with an aggregate
generation capacity of 284 megawatts and nearly two million pounds per hour of
thermal energy, and holds a 50 percent interest in a pulverized coal facility.
Primary Energy Ventures LLC, a wholly owned subsidiary of the Partnership,
manages and operates these facilities for PERH. The Partnership's web-site is

For further information:

For further information: on the Partnership visit www.epcorpowerlp.ca or
contact: Media Inquiries: Tim LeRiche, (780) 969-8238; Unitholder & Analyst
Inquiries: Sam Myers, (403) 717-8179

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