Integrated Asset Management Corp. and Integrated Private Debt Corp. Announce $80 Million Financing for Enwave Energy Corporation.TORONTO -- Integrated Asset Management Corp. (TSX VENTURE:IAM) ("IAM") and its private corporate debt group, Integrated Private Debt Corp.("IPD") announced today the closing on December 22, 2005 by IPD of a senior secured loan facility of $80 million to Enwave Energy Corporation ("Enwave"). Enwave is one of the largest district energy systems in North America, serving 36% of the potential heating market by providing heating and/or cooling services to over 130 institutional and commercial buildings in downtown Toronto. Enwave's Deep Lake Water Cooling Deep lake water cooling uses cold water pumped from the bottom of a lake as a heat sink for climate control systems. Because heat pump efficiency improves as the heat sink gets colder, deep lake water cooling can reduce the electrical demands of large cooling systems where it is System uses the cold energy from Lake Ontario to cool buildings in Downtown Toronto. Customers include the Toronto Dominion Centre, Royal Bank Plaza Royal Bank Plaza in Toronto, Ontario, Canada, is the headquarters of the Royal Bank of Canada. The building occupies a full block, bordered by Bay, Front and Wellington Streets in the financial district. , Metro Toronto Convention Centre Metro Toronto Convention Centre, located in Downtown Toronto, Ontario at 255 Front Street West, has 600,000 square feet of space. The convention centre was completed in October 1984 and is home to the 1330 seat John Bassett Theatre, currently used for Canadian Idol. and the Air Canada Centre • • [ . The system can air-condition approximately 32 million square feet of building space. IPD has provided an $ 80 million, interest only, fixed term 5 year loan facility to Enwave Deep Lake Water Cooling System. At closing, $ 50 million will be used to refinance existing infrastructure and $ 30 million will be used to fund system expansion in 2006. IPD provides funding from and manages the $600 million Integrated Private Debt Fund LP on behalf of a number of pension funds and other institutional investors. IPD offers fixed rate term loans to mid-market companies for such purposes as refinancing existing debt, business expansion and project finance. Loan origination, underwriting, structuring, management and administration are provided by IPD. IAM is Canada's leading alternative asset management company, with approximately $3 billion in assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. and commitments in private debt, private equity, managed futures, real estate and hedge funds. The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Integrated Asset Management Corp. (TSX VENTURE:IAM) |
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