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Pepco Holdings recently awarded the lead mandate on a $400 million note issue to Credit Suisse First Boston and Merrill Lynch after the two firms agreed to commit to an upcoming loan facility. Tony Kamerick, treasurer at the Washington, D.C.-based electric utility holding company, says the company will be downsizing a $1.5 billion back-up credit facility to $1.1 billion but still wanted to ensure as much participation as possible.

Following is a directory of ongoing generation asset sales. The accuracy of the information, which is derived from many sources, is deemed reliable but cannot be guaranteed. To report new auctions or changes in the status of a sale, please call Will Ainger, managing editor, at (44-20) 7303-1735 or e-mail wainger@euromoneyplc.com .

Calpine has asked lenders for a 30-day extension on a $1 billion revolving credit facility which fell due as PFR was going to press Friday, in one of the most closely watched deals in the sector. Calpine has been pushing for several weeks for a two-year deal, and lenders had been holding on to their one-year offer, but now lenders want to see evidence that the San Jose, Calif.-based IPP is able to access the bond market before they will extend the loan. Katherine Potter, spokeswoman at Calpine, says the company is not commenting on the negotiations. Calls to officials at Bank of Nova Scotia and Credit Suisse First Boston, which are leading the bank talks, were not returned by press time.

Bear Stearns has hired two heavy hitters from El Paso Corp. in Houston, a move that is widely seen as a precursor to the Wall Street firm acquiring distressed power assets or restructuring QF plants.David Field, managing director and head of domestic M&A at El Paso, and Pam Baden, senior v.p., have joined Bear Stearns' strategic structured investment group in Houston. Field did not return calls. Baden confirmed her appointment but declined further comment. Calls to spokespersons at Bear Stearns in New York were not returned.

The banking syndicate behind the financing of an El Paso and Power Development Co. Connecticut power plant are looking to restructure the $365 million non-recourse loan, say financiers involved in the deal. The exact nature of the restructuring and the timeline for talks could not be determined, but lenders say the merchant plant has struggled to meet its debt servicing costs in New England's weak wholesale power market.

James Berner, a former project financier at Deutsche Bank in New York, has joined GE Structured Finance with a remit to buy energy project debt in the primary and secondary markets, according to industry officials.

ACI Capital, a 100-year old private investment firm that manages capital on behalf of institutions and high-net-worth individuals, is looking to acquire contracted and fully merchant generation assets in the U.S., according to Kevin Penn, managing director in New York. It is looking at portfolios as well as single plants and hopes to achieve a leveraged rate of return in the 20% range. ACI is perhaps best known on Wall Street for merging--in an earlier incarnation--withDonaldson, Lufkin & Jenrette in 1981, at which point the Israel family, whose assets ACI Capital manages, became the largest shareholder in DLJ.

Citigroup earlier this month put out a tender for an asset manager to run the Lake Road and La Paloma power plants sponsored by PG&E National Energy Group. Citigroup is searching for an asset manager as a precursor to assuming ownership of the assets, which are both in default, according to a market official. An official on Citigroup's global project and structured trade finance desk in New York declined comment. Calls to NEG were not returned.

Bonds Issue Date Maturity Issuer Country Principal Amount ($ mil) Offer Price Type of Security Coupon (%) Spread to Benchmark Moody's Rating S&P Rating Bookrunner(s) 5/15/03 6/1/15 American Electric Power Co Inc U.S. 300 99.848 Notes 5.25 175 Baa3 BBB CS-FB/UBS-WARBURG(JB) 5/15/03 PUT08/23 PPL Energy Supply U.S. 350 100 Cvt Senior Nts 2.625 - Baa2 BBB MORGAN-STANLEY/MERRILL(JB)/ WACHOVIA-SEC(JB) 5/16/03 5/15/13 Black Hills Power Inc U.S. 250 99.871 Notes 6.5 300 Baa3 BBB- CS-FB/LEH(JB) 5/16/03 7/1/23 CenterPoint Energy Houston U.S. 200 99.835 Gen'l Mtg Bds 5.6 115 Baa2 BBB CITIGROUP/DEUTSCHE-BK- SEC(JB)/JPM(JB) 5/16/03 6/5/26 Seeboard(London Electricity) U.K. 486.3 99.544 Medium-Term Nts 5.5 103 A3 A BARCCG/RBS(JB) 5/16/03 6/6/23 Seeboard(London Electricity) U.K. 81.1 100 Fxd/Straight Bd 3.053 105 A3 A RBS/BARCCG(JB) 5/19/03 6/15/18 Jersey Central Power & Light U.S. 150 99.234 Fst Mtg Bonds 4.8 143 A2 BBB+ MORGAN-STANLEY 5/20/03 5/15/10 Consumers Energy(CMS Energy) U.S. 250 99.501 Fst Mtg Bonds 4 166 Baa3 BBB- BANKONE-CAPITAL/BARCLAYS CAP(JB)/JPM(JB) 5/20/03 6/1/13 PPL Electric Utilities Corp U.S. 100 99.452 Fst Mtg Bonds 4.3 95 Baa1 A- BANKONE-CAPITAL 5/20/03 6/1/33 Williams Cos Inc U.S. 275 50 Convertible Bds 5.5 - NR NR LEH 5/21/03 6/1/08 CenterPoint Energy Inc U.S. 200 99.969 Notes 5.875 352 Ba1 BBB CITIGROUP/DEUTSCHE-BK-S EC(JB)/WACHOVIA-SEC(JB) 5/21/03 6/1/15 CenterPoint Energy Inc U.S. 200 99.958 Notes 6.85 346 Ba1 BBB CITIGROUP/DEUTSCHE-BK- SEC(JB)/WACHOVIA- SEC(JB) 5/21/03 6/3/05 Nuon Finance B.V Netherlands 58.2 100 Float Rate Nts Floats - NR NR BNP-PARIBAS 5/21/03 5/15/10 Pepco Holdings Inc U.S. 200 99.677 Senior Notes 4 125 Baa1 BBB CS-FB/MERRILL(JB) 5/21/03 11/15/04 Pepco Holdings Inc U.S. 200 100 Flt Senior Nts Floats - Baa1 BBB CS-FB/MERRILL(JB) M&A Date Announced Date Effective Target Advisors Target Country Acquiror Name Acquiror Advisors Acquiror Country Deal Value ($mil) 5/17/03 5/17/03 Northumbrian Water Ltd Morgan Stanley U.K. Investor Group Deutsche Bank AG Collins Stewart Ltd, U.K 3,375.13 5/17/03 5/17/03 ShopElectric - Ireland-Rep Northern Retail - U.K - 5/20/03 - Aquasource Inc-Regulated & Non - U.S. BIB SA - Poland 5 5/20/03 5/20/03 Dominion Resources Inc - U.S. Lehman Brothers Holdings Inc - U.S. 620 5/20/03 - Elektroplownia Gorzow SA - Poland Polskie Sieci Elektro SA - Poland - 5/20/03 - Mirant-Birchwood Power Plant - U.S. GE Structured Finance - U.S. 71 Source: Thomson Financial Securities Data Company. For more information, call Rich Peterson at (973) 645-9701.

Citadel Investment Group's nascent energy trading operation in Chicago has suffered a second defection from its quantitative analysis group in recent weeks. Vasant Shanbhogue, a senior quantitative analyst, has joined AIG Energy in Greenwich, Conn., as head of energy research. The move follows the departure of Vince Kaminksi, managing director-quantitative research, who recently joined Reliant Resources in Houston. A Citadel official was unable to provide comment by press time.