TORONTO, ONTARIO–(Marketwire – Feb. 13, 2009) – The Consumers' Waterheater Income Fund (the "Fund") (TSX:CWI.UN) and The Consumers' Waterheater Operating Trust (the "Trust") today announced that the Trust has completed its previously announced offering of $60 million aggregate principal amount of 6.20% Series 2009-1 Senior Notes due April 30, 2012 and $270 million aggregate principal amount of 6.75% Series 2009-2 Senior Notes due April 30, 2014. The Senior Notes have received "A" ratings from both DBRS Limited and Standard & Poor's Rating Services. The Senior Notes were offered under a prospectus supplement dated February 6, 2009 to the Trust's short form base shelf prospectus dated March 19, 2008 filed with the securities regulatory authorities in each of the provinces of Canada. The Senior Notes were underwritten by a syndicate of underwriters led by TD Securities Inc., and included Scotia Capital Inc., Desjardins Securities Inc. and HSBC Securities (Canada) Inc. The net proceeds of the offering were used to repay existing indebtedness, including the Trust's $310 million bridge credit facility. This news release does not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction. The securities being offered have not been approved or disapproved by any regulatory authority nor has any such authority passed upon the accuracy or adequacy of the prospectus supplement or the sh ort form base shelf prospectus. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered, sold or delivered within the United States of America. About The Consumers' Waterheater Income Fund and The Consumers' Waterheater Operating Trust The Fund and Trust own a portfolio of approximately 1.4 million installed water heaters and other assets, rented primarily to residential customers in Ontario. The Fund also owns Stratacon, a leading "smart" sub-metering company, with metering contracts for approximately 35 thousand condominium and apartment suites in Alberta, Ontario and elsewhere in Canada. Additional information regarding the Fund and the Trust, including their respective current Annual Information Forms, are available on SEDAR at www.sedar.com.
For further information: The Consumers’ Waterheater Income Fund
The Consumers’ Waterheater Operating Trust
Steve Bower, CFO