TORONTO, ONTARIO–(Marketwire – March 26, 2008) – NOT FOR RELEASE IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES. The Consumers' Waterheater Income Fund (the "Fund") (TSX:CWI.UN) and The Consumers' Waterheater Operating Trust (the "Trust") announced that DBRS Limited ("DBRS") and Standard & Poor's Rating Services have assigned a provisional "A" rating and an "A" rating respectively, to the Trust's proposed $310 million series 2008-1 Senior Notes. The provisional "A" rating from DBRS will be finalized upon a satisfactory review of final documentation related to the proposed offering. The ratings are in connection with a proposed debt offering of $310 million of Senior Notes by the Trust in each of the Provinces of Canada. The Senior Notes are being offered through a syndicate of underwriters led by TD Securities Inc. and which includes RBC Dominion Securities Inc. and Scotia Capital Inc. The terms of the Senior Notes will be determined by negotiation with the underwriters. The preliminary prospectus supplement contains important information relating to the Senior Notes. The preliminary prospectus supplement is still subject to completi on or amendment. There will not be any sale or any acceptance of an offer to buy the Senior Notes until a final prospectus supplement has been filed. Investors should read the final prospectus supplement together with the base shelf prospectus before making an investment decision. The offering is being made pursuant to a preliminary prospectus supplement dated March 20, 2008 to the Trust's short form base shelf prospectus dated March 19, 2008, each as filed with Canadian securities regulatory authorities. Copies of the preliminary prospectus supplement and base shelf prospectus are available on SEDAR at www.sedar.com or from: /T/ Debt Syndication TD Securities Inc. Ernst & Young Tower 222 Bay St., 7th Floor Toronto, Ontario M5K 1A2 Tel: (416) 308-7682 e-mail: [email protected] /T/ The Trust has not entered into any commitment to issue any Senior Notes and any such issuance will be subject to market and other conditions. The proceeds from the Senior Notes will be used to repay the Trust's $310 million bridge credit facility, which was fully drawn on January 28, 2008. This news release does not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction. The securities being offered have not been approved or disapproved by any Canadian or U.S. regulatory authority nor has any such authority passed upon the accuracy or adequacy of the short form base shelf prospectus or the preliminary prospectus supplement. About The Consumers' Waterheater Income Fund The Consumers' Waterheater Income Fund owns a portfolio of over 1.4 million installed water heaters and other assets, leased primarily to residential customers in Ontario. The asset base has been generating stable and growing cash flows since its inception in the late 1950s. Additional information regarding The Consumers' Waterheater Income Fund, including its current Annual Information Form is available on SEDAR at www.sedar.com. Forward-looking Information Certain sta tements in this news release are forward-looking statements, which reflect management's expectation regarding the Fund's and the Trust's performance, business prospects and opportunities. Such forward-looking information reflects management's current beliefs and are based on information available to them and/or assumptions management believes are reasonable. Many factors could cause results to differ materially from the results discussed in the forward-looking information. Although the forward-looking information is based on what management believes to be reasonable assumptions, neither the Fund nor the Trust can assure investors that actual results will be consistent with this forward looking information. Except as required by applicable securities laws, the Fund and Trust do not intend, and do not assume an obligation, to update or revise the forward-looking information, whether as a result of new information, future events or otherwise.
For further information: The Consumers’ Waterheater Income Fund
Steve Bower
CFO
(905) 943-6292
Email: [email protected]
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