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Alterra Power secures another $36M to refinance $72M bond

Alterra PowerCorp. has completed arrangements for the second tranche of therefinancing of the $72 million bond held by Reykjavik Energy, which will maturein December.

Alterra's Executive Chairman and shareholder Ross Beaty willprovide the $36 million funding for the second tranche. The $36 million tranche was alreadyagreed upon by Alterra and Reykjavik Energy as previously announced.

The second tranche of extended bonds hold a five-yearmaturity with no amortization, a coupon of 8.50% and a 2% up-front fee. AnAlterra subsidiary issued the bonds, with security consisting solely of about15% of outstanding shares of its Icelandic subsidiary HS Orka.

"We have structured both of the bond tranches with noprepayment penalties, as we expect to move this financing to a more optimal,combined facility in the future," said Alterra CEO John Carson in an Oct.3 company statement.