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19 November 2008

Read more: [power] [finance]

GSC pushes Complete merger as La Paloma downgraded

GSC Acquisition is attempting to gain approval from 80% of its shareholders for the acquisition of Complete Energy and its two power plants. But the $1.3 billion acquisition has to contend with several technical difficulties at both of the plants that Complete controls. The two plants are La Paloma, of which Complete owns 60%, a 1,022MW gas-fired power plant located near McKittrick, California, and Batesville, an 837MW gas-fired plant in Mississippi.

The two plants are subject to a total of $627 million in project debt, but have both experienced operating issues. These difficulties have led to Moody's downgrading La Paloma's roughly $270 million in first lien B loan debt from B1 to B2, and Batesville's bond debt from B1 to B3.

La Paloma has suffered from several forced outages during the last three years, including the summer period of 2008,...

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