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Alterra to refinance portion of $72M bond

Alterra PowerCorp. has agreed to refinance a portion of the approximately $72million maturing bond held by Reykjavik Energy.

The bond was set to mature in December. An Alterrasubsidiary issued the extended bonds, which will have a revised coupon of 5%and a maturity of 18 months, according to a company statement. The bond is nonrecourseto Alterra, with security consisting solely of about 17% of the outstandingshares of its Icelandic subsidiary HS Orka.

Reykjavik Energy will continue to hold 50%, or about $36million, of the outstanding principal, the company said.

Alterra also is in talks with a second lender to provide theremaining $36 million payment to complete the refinancing by mid-October.