Copying and distributing are prohibited without permission of the publisher
High NRG
01 November 2001
Read more:
[project finance]
[project finance]
[BOT]
2001 has been a year characterised by increased lender caution,
rising fees and continued nervousness about deregulation. This was
the backdrop to the ambitious launch of a $2.5 billion construction
revolving credit, lead arranged by Credit Suisse First Boston, to
an already wary market. The deal closed, after low-level sniping
from participant banks, and NRG has gone on to launch two new
single asset deals.
The first, Brazos Valley, is a single-asset, merchant financing
located within the tricky ERCOT market. Brazos Valley is a 633MW
natural gas fired merchant power plant located in Fort Bend County,
Texas, 30 miles south-west of Houston. Avista-STEAG LLC had a 51%
stake in the project while NRG was set to own 49%. After the
departure dirt of Avista and then, at close, of STEAG, ABN Amro
launched the $189 million debt to co-arrangers. Royal Bank of
Scotland (documentation) and Hypovereinsbank (syndication agent)
jointly underwrote with ABN at close. ...
Take a free website trial to read this article. It’s easy to get a trial – just follow this link or email info@projectfinancemagazine.com.
Or, if you’re a subscriber or have an active trial, simply log in below to read the article.
Subscribe
Subscribers have unlimited access to all current and archive content. Start your
subscription today - click on the button below.
Subscribe
Free trial
Taking a free trial will give you access to the latest news and analysis, as
well as the online deals database, BenchBase. Start your free trial today.
Free Trial