June 2005

Calpine prices Bethpage 29 June 2005

Calpine has closed a $123.1 million financing for the Bethpage 3 project. The deal, through lead arranger and sole underwriter Calyon, completes construction on a third unit at the Long Island, New York site. Calpine expects to close the deal on Thursday 30 June, after which time Calyon will lik...

Api Energia closes second refinancing 24 June 2005

The Eu470 million refinancing of the Api Energia gas-fired power facility closed on 15 June 2005. The 14-year loan was 65% oversubscribed, according to bankers close to the deal.

EIB closes Belchatow 24 June 2005

The European Investment Bank has closed a Eu220 million financing for the Elektrownia Belchatow modernisation project. The borrower, a state-owned generation company, is borrowing up to Eu800 million to install a new 833MW unit. It is currently finalising a Eu100 million loan from the European B...

Rabigh nears market 24 June 2005

Banks are currently finalising responses for the $2 billion Rabigh refinery mandate. Financial adviser SMBC is responsible for selecting a lead arranger, but has not provided any guidance for a when an appointment will be forthcoming. The sponsors of the $4.3 billion project are Sumitomo Corpora...

Tenaska Alabama prices 24 June 2005

Tenaska has closed a $361 million high-yield bond financing for its Alabama I project. The issue, led by Lehman Brothers and Credit Suisse First Boston, is notable for being rated at low speculative grade – Moody's gave the project a B1 rating, while S&P gave it a B+. The bonds finance an 845 MW...

CLP Australia Finance in syndication 10 June 2005

Mandated lead arrangers Commonwealth Bank of Australia, JP Morgan and National Australia Bank have pre-funded CLP Australia Finance's A$2.45 billion multi-tranche acquisition financing and invited 15 banks in senior syndication.

FGIC closes Piney Creek 01 June 2005

American Consumer Industries has completed a $56 million financing for the Piney Creek waste-coal project. The deal, a bond refinancing, featured insurance from Financial Guaranty Insurance Company (FGIC). The wrap, the first by FGIC for a privately-owned project, allowed the borrower to attain ...

Jimah Energy: Upfront equity 01 June 2005

Malaysia has notched up another impressive debt capital markets financing for a major infrastructure project. The latest deal to close is a RM6.1 billion ($1.6 billion) financing for Jimah Energy Ventures (JEV), a company owned by the royal family of the Malaysian state of Negeri Sembilan.

New market money 01 June 2005

Investment in US power has increased substantially. But with fewer contracted assets available and substantial liquidity in the market, investors are repositioning themselves to grow. By John Hawkins, partner, and Gregory Lang, Of Counsel, PHJW.

Power 01 June 2005

Steamboat syndicates