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01 December 2005

Read more: [editor] [project financing]

Wolf Hollow acquisition launches

WestLB and Goldman Sachs have launched syndication of the $400 million Wolf Hollow acquisition financing. Wolf Hollow is a 730MW natural gas-fired combined cycle power project located in Granbury, Texas. AES was the original developer of the project, but handed back the keys to the plant to its lenders after a downturn in merchant power prices.

The plant has a power purchase agreement with Exelon Corporation that runs to 2023, while the remainder was dispatched into the Electrical Reliability Council of Texas (ERCOT). But this was not enough to support $285 million in senior debt, and Stark Investments and Sequent Power Partners ultimately agreed an acquisition that paid off the bulk of this debt.

The deal breaks down into a 6.5-year $130 million first lien B loan (rated at B1 by Moody's), a 7-year $110 million second lien B loan (rated at B2), a 6.5-year $110...

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