On November 19, 2012, APUC entered into an agreement for a three year $30.0 million senior unsecured revolving credit facility (“APUC Facility”) with a Canadian chartered bank. The credit facility will be used for general corporate purposes and will provide APUC with additional financial flexibility. As at December 31, 2012, the APUC facility was undrawn and had $1.3 million of outstanding letters of credit. 

During the fourth quarter of 2012, APCo concluded discussions with its banking syndicate to increase its senior credit facility (the “APCo Facility”) to $200 million. The amendment to the facility also resulted in security previously held over certain APCo entities to be released by the banking syndicate and the facility is now unsecured. As at December 31, 2012, APCo had drawn $27.1 million had $47.4 million in outstanding letters of credit under the APCo Facility. 

During the third quarter of 2012, Liberty Utilities senior unsecured revolving credit facility (the “Liberty Facility”) was increased to $100 million. The Liberty Facility is unsecured and is for a three year term with a maturity of January 18, 2015. As at December 31, 2012, Liberty Utilities had $27.4 million was drawn to support working capital requirements and had $2.0 million of outstanding letters of credit under the Liberty Facility. 

## Long Term Debt 

On December 3, 2012, APCo issued $150 million 4.82% senior unsecured debentures with a maturity date of February 15, 2021 pursuant to a private placement in Canada and the United States. The APCo Debentures were sold at a price of $99.94 per $100.00 principal amount, resulting in an effective yield to maturity of 4.83% per annum. Concurrent with the offering, APCo entered into a cross currency swap, coterminous with the APCo Debentures, to convert the Canadian dollar denominated debentures into U.S. dollars, resulting in an effective interest rate throughout the term of 4.4%. Net proceeds from the APCo Debentures were used primarily to fund the 400MW investment in U.S wind portfolio assets which closed on December 10, 2012. 

On January 1, 2013, in conjunction with the acquisition of the Shady Oaks Wind Facility, APCo assumed a U.S. $150 million dollar variable rate long term credit facility. The facility is secured by the assets of the Wind Farm. APCo will be required to make a one-time principal payment of U.S. $25 million in the second quarter of 2013 and semi-annual principal payments ranging between U.S. $3 million and U.S. $6 million thereafter. The facility matures in 2026. Funds advanced against the facility are repayable at any time without penalty. APCo intends to refinance the facility in a manner consistent with APCo’s long term capital structure of between 45% and 50% debt. The permanent financing is expected to be issued through APCo’s existing unsecured bond platform. 

During the third quarter, Liberty Utilities completed a U.S. $225 million private placement debt financing. The financing was closed in two tranches contemporaneously with the closing of the Granite State Electric Utility and EnergyNorth acquisitions. The notes are senior unsecured notes with an average life maturity of over ten years and a weighted average coupon of 4.38%. The notes have been assigned a rating of "BBB high" by DBRS Limited. Proceeds from the private placement were used to partially fund the aforementioned acquisitions. 

Subsequent to the year end, on March 14, 2013 Liberty Utilities completed a U.S. $15 million private placement debt financing. The notes are senior unsecured notes with a 10 year bullet maturity and carry a coupon of 4.14%. 

On March 14, 2013, Liberty Utilities entered in an agreement for a U.S. $100 million variable rate short-term acquisition facility with a U.S. Bank. The loan facility is available for acquisition and general corporate purposes and matures on December 31, 2013. 

