Macquarie Power & Infrastructure Income Fund Announces Planned Initial Public Offering of Leisureworld
TORONTO, ONTARIO (February 16, 2010) – Macquarie Power & Infrastructure Income
Fund (TSX: MPT.UN; MPT.DB.A – “MPT” or the “Fund”) and Leisureworld Senior Care
Corporation (“Leisureworld”) today announced that Leisureworld has filed a preliminary
prospectus with Canadian securities regulatory authorities in relation to a proposed initial
public offering of common shares of Leisureworld.
With the net proceeds of the offering, Leisureworld intends to acquire 100% of the
ownership interests in Leisureworld Senior Care LP (“LSCLP”) from its current owners, MPT
and Macquarie International Infrastructure Fund Limited. LSCLP, the third largest provider of
licenced long-term care (“LTC”) in Ontario, owns and operates 26 long-term care homes, one
retirement home and one independent living home as well as a home health care business. It
is a condition of closing the offering that the common shares of Leisureworld be listed on the
Toronto Stock Exchange.
“The proposed divestiture of MPT’s interest in LSCLP is consistent with our focus on current
growth opportunities in core infrastructure categories such as power generation, transmission
and distribution, utilities and transportation, including through public-private partnerships,” said
Michael Bernstein, President and Chief Executive Officer of MPT.
“This public offering is an important step in Leisureworld’s 38-year history,” said David Cutler,
Chief Executive Officer of Leisureworld. “We look forward to becoming a stand-alone public
company with an internalized management team. We will continue to deliver a high quality of
care to our residents and work with our dedicated employees and stakeholders to ensure
Leisureworld’s continuing success.”
TD Securities Inc., Macquarie Capital Markets Canada Ltd.1 and RBC Capital Markets have
been engaged to lead the underwriting syndicate.
Further information regarding the offering is contained in Leisureworld’s preliminary
prospectus, which is available on SEDAR at www.sedar.com. The preliminary prospectus
contains LSCLP’s audited fiscal 2009 financial report, which has been filed by the Fund on
SEDAR under the Fund’s profile.
1 Macquarie Capital Markets Canada Ltd. is a wholly-owned subsidiary of Macquarie Group Limited and accordingly is
a related party of Macquarie Power Management Ltd., the administrator of the Fund.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any
securities of the Corporation in any jurisdiction in which such offer, solicitation of sale would be
unlawful. These securities have not been and will not be registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities
laws and may not be offered or sold in the United States except in compliance with the
registration requirements of the U.S. Securities Act and applicable U.S. state securities laws or
pursuant to an exemption therefrom. Any public offering of the securities in the United States
may only be made by means of a prospectus containing detailed information about the
Corporation and its management as well as financial statements.
Macquarie Power & Infrastructure Income Fund is not an authorised deposit taking institution for the purposes of the Banking
Act (Cth) 1959 and Macquarie Power & Infrastructure Income Fund’s obligations do not represent deposits or other liabilities
of Macquarie Bank Limited ABN 46 008 583 542 (MBL). MBL does not guarantee or otherwise provide assurance in respect of
the obligations of Macquarie Power & Infrastructure Income Fund.
About the Fund
Macquarie Power & Infrastructure Income Fund invests in essential infrastructure assets in
with an emphasis on power infrastructure. MPT’s strategy is to acquire and actively manage a
diverse, high quality portfolio of infrastructure assets to improve their financial performance
and provide growing and sustainable distributions to unitholders. MPT’s portfolio includes
investments in gas cogeneration, wind, hydro and biomass power generating facilities,
representing approximately 350 MW of installed capacity, and a 45% interest in Leisureworld
Senior Care LP, a leading provider of long-term care, or social infrastructure, in Ontario. MPT
is managed by a wholly-owned subsidiary of Macquarie Group Limited. Please visit
www.macquarie.com/mpt for additional information.
Certain statements in this news release may constitute “forward-looking” statements, which involve known and
unknown risks, uncertainties and other factors that may cause the actual results to be materially different from any
future results expressed or implied by such forward-looking statements. When used in the this news release, such
statements use such words as “may”, “will”, “expect”, “believe”, “plan” and other similar terminology. Forward-looking
statements involve significant risks and uncertainties, should not be read as guarantees of future performance or
results and will not necessarily be accurate indications of whether or not such results will be achieved. In particular,
the completion of the initial public offering of Leisureworld is subject to a number of conditions, including the
successful marketing of the initial public offering, obtaining a number of regulatory approvals and closing of the initial
public offering. There can be no assurance that the initial public offering of Leisureworld will be completed as planned
or at all. The forward-looking statements contained in this news release are based on information currently available
and what the Fund currently believes are reasonable assumptions. These forward-looking statements are made as of
the date of this news release, and, except as required by law, the Fund does not undertake any obligation to update
publicly or to revise any of the included forward-looking statements, whether as a result of new information, future
events or otherwise. The Fund cautions readers not to place undue reliance on any forward-looking statements
contained in this news release. The forward-looking statements contained in this news release are expressly qualified
by this cautionary statement.
For further information, please contact:
Vice President and Chief Financial Officer
Tel: (416) 607 5167
Vice President, Communications and Investor Relations
Tel: (416) 649 1325