When listening to the radio, watching television or reading the newspapers about events in this province, there seems to be a missing link. One that bridges all that information together and provides a way for people to contribute, express or lobby their concerns in their own time. After-all, this is our home and everyone cannot fit in Lukie's boat and paddle their way to Upper Canada, nor should we!
Abitibi-Consolidated enters JV with Caisse de depot
Abitibi-Consolidated Inc (C:A) Shares Issued 440,174,994 Last Close 1/25/2007 $3.14 Friday January 26 2007 - News Release Mr. Francesco Alessi reports ABITIBI-CONSOLIDATED CREATES VENTURE IN ENERGY GENERATION - HYDRO ASSETS IN ONTARIO TO BE REGROUPED INTO ACH LIMITED PARTNERSHIP Abitibi-Consolidated Inc. has entered into a binding letter of intent with the Caisse de depot et placement du Quebec to create a joint venture for the company's Ontario hydroelectric generation facilities. The company will retain a 75-per-cent interest in the joint venture, called ACH Limited Partnership, while the caisse will acquire a 25-per-cent interest. The caisse has also provided a commitment to ACH Limited Partnership for a 10-year unsecured term loan of $250-million, non-recourse to the company, to partially finance the acquisition of the facilities. The transaction, on a consolidated basis, is expected to yield gross proceeds of $297.5-million to Abitibi-Consolidated. ACH Limited Partnership is intended to be Abitibi-Consolidated's growth vehicle in energy generation. Abitibi-Consolidated's substantial ownership interest in the joint venture reflects the continuing strategic importance of its electricity generation assets. The company will enter into agreements by virtue of which it will continue to operate and manage the facilities. Closing of the transaction is expected to take place in the first half of 2007 and is subject to execution of definitive agreements and certain other conditions and approvals. Scotia Capital and CIBC World Markets have advised the company in regards to this transaction. ACH Limited Partnership encompasses eight hydroelectric facilities located in Ontario, representing an aggregate installed capacity of 136.8 megawatts and a normalized annual generation of approximately 828 gigawatt hours.
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Abitibi-Consolidated enters JV with Caisse de depot
Abitibi-Consolidated Inc (C:A)
Shares Issued 440,174,994
Last Close 1/25/2007 $3.14
Friday January 26 2007 - News Release
Mr. Francesco Alessi reports
ABITIBI-CONSOLIDATED CREATES VENTURE IN ENERGY GENERATION - HYDRO ASSETS IN ONTARIO TO BE REGROUPED INTO ACH LIMITED PARTNERSHIP
Abitibi-Consolidated Inc. has entered into a binding letter of intent with the Caisse de depot et placement du Quebec to create a joint venture for the company's Ontario hydroelectric generation facilities. The company will retain a 75-per-cent interest in the joint venture, called ACH Limited Partnership, while the caisse will acquire a 25-per-cent interest. The caisse has also provided a commitment to ACH Limited Partnership for a 10-year unsecured term loan of $250-million, non-recourse to the company, to partially finance the acquisition of the facilities.
The transaction, on a consolidated basis, is expected to yield gross proceeds of $297.5-million to Abitibi-Consolidated.
ACH Limited Partnership is intended to be Abitibi-Consolidated's growth vehicle in energy generation. Abitibi-Consolidated's substantial ownership interest in the joint venture reflects the continuing strategic importance of its electricity generation assets. The company will enter into agreements by virtue of which it will continue to operate and manage the facilities.
Closing of the transaction is expected to take place in the first half of 2007 and is subject to execution of definitive agreements and certain other conditions and approvals. Scotia Capital and CIBC World Markets have advised the company in regards to this transaction.
ACH Limited Partnership encompasses eight hydroelectric facilities located in Ontario, representing an aggregate installed capacity of 136.8 megawatts and a normalized annual generation of approximately 828 gigawatt hours.
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