Algonquin Power & Utilities Corp. – Consolidated Financial Statements ALGONQUIN POWER & UTILITIES CORP.  9.  Long-term liabilities (continued) APCo (continued)  Liberty Utilities  2012 Annual Report 106 On July 25, 2011 APCo completed a $135,000 private placement debt financing at a price of  $998.28 per $1,000 principal amount of debenture. The notes are senior unsecured with a  maturity date of July 25, 2018 and bear interest at 5.5%. The notes are interest only, payable  semi-annually in arrears, commencing January 25, 2012. APCo incurred deferred financing costs  of $1,685, which are being amortized to interest expense over the term of the loan using the  effective interest rate method. The net proceeds of this financing were used to retire the project  debt related to the St. Leon facility (Air Source Senior Debt Financing) and to reduce amounts  outstanding on APCo’s senior secured revolving credit facility. Subsequent to year end, on March 14, 2013 Liberty Utilities entered into a variable rate  unsecured U.S. $100,000 term facility with a U.S. Bank. Drawings under the facility are  conditional upon closing of certain planned acquisitions by Liberty Utilities. The loan is non- revolving and matures on December 31, 2013.  Subsequent to year end, on March 14, 2013 Liberty Utilities issued U.S. $15,000 of senior  unsecured notes through a private placement in connection with the acquisition of the Arkansas  Utility (note 3 (h)). The notes bear interest at 4.14% and mature in 10 years. In July 2012, Liberty Utilities issued U.S. $225,000 of senior unsecured notes through a private  placement in three tranches: U.S. $50,000, bearing an interest rate of 3.51%, maturing July 31,  2017; U.S. $115,000, bearing an interest rate of 4.49%, maturing August 1, 2022; and, U.S.  $60,000, bearing an interest rate of 4.89%, maturing July 30, 2027. The notes are interest only,  payable semi-annually. Liberty Utilities incurred deferred financing costs of $2,663, which are  being amortized to interest expense over the term of the loan using the effective interest rate  method. Liberty Utilities used the proceeds of the private placement financing to fund a portion of  the acquisition of the New Hampshire and Midwest Gas Utilities (note 3(a), (b)).  and  On July 3, 2012, in connection with the acquisition of Granite State, Liberty Utilities assumed  senior unsecured long-term notes of U.S. $5,000, bearing an interest rate of 7.37%, maturing  November 1, 2023; U.S. $5,000, bearing an interest rate of 7.94%, maturing July 1, 2025; and,  U.S. $5,000, bearing an interest rate of 7.30%, maturing Jun 15, 2028.  e On January 18, 2012, Liberty Utilities entered into an agreement for a senior unsecured revolving  credit facility (the “Liberty Facility”) with a three year term. Effective July 3, 2013, the maximum  credit available under the facility is U.S. $100,000. In 2011, Calpeco issued U.S. $70,000 senior unsecured notes consisting of U.S. $45,000 bearing  an interest rate of 5.19% maturing December 29, 2020 and U.S. $25,000 bearing an interest rate  of 5.59% maturing December 29, 2025. The notes are interest only, payable semi-annually. Total  financing costs of $ 1,048 incurred with respect to this placement have been recorded in deferred  financing costs.  Notes to the Consolidated Financial Statements  December 31, 2012 and 2011   (in thousands of Canadian dollars except as noted and amounts per share) 