Jul 22, 2009. /Lesprom Network/. Catalyst Paper announced today that its hydro joint venture, Powell River Energy Inc., has successfully raised $95 million of first mortgage bonds maturing in July 2016 to refinance $75 million of non-recourse debt due on July 24, 2009, ForestTalk reported. The new bonds are priced at an interest rate of 6.45%, payable semi-annually. The transaction is scheduled to close on July 24, 2009. Catalyst has a 50 per cent interest in Powell River Energy Inc. with Great Lakes Hydro Income Fund holding an equivalent stake. After fees and other expenses, the additional $18 million in funds raised in this refinancing is to be distributed equally to the joint venture partners.