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American Electric Power is planning to launch financing to back another wind project in Texas in the third quarter. The company last year wrapped the first large U.S. wind deal in the U.S. for several years with its $120.7 million loan for the Desert Sky project loan which is on the shortlist for PFR's North American Deal Of the Year (PFR, 3/10). The next project is the 150 MW Trent Mesa farm near Abilene, Texas. Randy Boteler, director, project finance, says the company is currently working on finalizing the independent engineering report and is looking at the third quarter to execute financing.

Kevin Roach, managing director and senior utility analyst at Barclays Capital in New York, has left the U.K. investment bank to join a fixed-income hedge fund being launched by Pequot Capital. Steve Zamsky, portfolio manager, says Roach joins as senior v.p. and will cover utility debt as well as other credits. Roach could not be reached for comment and a spokeswoman at Barclays declined to comment on his departure.

Houston-based Dynegy is edging toward reworking three maturing loan deals into a new secured $1.76 billion package, but the proposed refinancing is unlikely to be nailed down much before April 28--when the first loan matures--because pricing on the deal is regarded as tight.

Cleveland Electric Illuminating Co., a unit of Akron, Ohio-based FirstEnergy Corp., is looking to renew and downsize a small letter of credit facility via lead Barclays Capital. The two-year $48 million deal, which backs tax exempt pollution-control bonds, is slated to close April 4, according to one market official. Pricing on the deal is 1 1/8% over LIBOR, the official notes. Bankers at Barclays declined comment. Market officials note Barclays has a close relationship with FirstEnergy. Last November, along with co-lead Citibank, Barclays wrapped a $1 billion revolver for the company (PFR, 11/18).

Lead arrangers Deutsche Bank and BBVA have closed syndication of a EUR706 million ($750 million) non-recourse acquisition loan funding CVC Capital Partners and Spanish grid operator Red Eléctrica's acquisition of Iberdrola's Spanish transmission business.

Innogy, the U.K.'s largest wind power generator, is looking to sell its 13 on-shore wind farms--and other wind generation projects when they become operational--into a stand-alone special-purpose vehicle funded by external private equity investors. Innogy has a 26% share of the U.K.'s on-shore wind farm market with 159 MW of capacity.

Bonds Issue Date Maturity Issuer Amount ($ mil) Offer Price Type of Security Coupon (%) Spread to Bench Mark Moody's S&P Book Manager(s) 3/5/03 8/10/07 Hydro One 49.8 99.064 MTNs 4.55 - - - BMO Nesbitt Burns/RBC/Scotia Capital 3/5/03 10/31/05 Hydro One 231.2 99.399 MTNs 4 - - - BMO Nesbitt Burns/RBC/Scotia Capital 3/5/03 4/21/06 Hydro One 190.8 99.238 MTNs 4.15 - - - BMO Nesbitt Burns/RBC/Scotia Capital 3/5/03 11/10/06 Hydro One 95.8 99.146 MTNs 4.3 - - - BMO Nesbitt Burns/RBC/Scotia Capital 3/5/03 6/1/06 Hydro One 114.7 99.265 MTNs 4.2 - - - BMO Nesbitt Burns/RBC/Scotia Capital 3/5/03 5/4/07 Hydro One 192.1 99.032 MTNs 4.45 - - - BMO Nesbitt Burns/RBC/Scotia Capital 3/5/03 1/30/06 Hydro One 73.9 99.418 MTNs 4.1 - - - BMO Nesbitt Burns/RBC/Scotia Capital 3/5/03 5/31/04 Hydro One 161 99.617 MTNs 3.45 - - - BMO Nesbitt Burns/RBC/Scotia Capital 3/5/03 3/28/04 Hydro One 160.2 99.652 MTNs 3.4 - - - BMO Nesbitt Burns/RBC/Scotia Capital 3/5/03 1/30/04 Hydro One 155.3 102.74 MTNs 6.778 - - - BMO Nesbitt Burns/RBC/ScotiaCapital 3/5/03 3/15/34 Ameren 184 98.883 Sr Secured Nts 5.5 90 A1 A- Bank of New York/JP Morgan 3/6/03 3/15/08 TXU Energy 250 100 Notes 6.125 353 Baa2 BBB Lehman/Salomon 3/6/03 3/15/13 TXU Energy 1,000 100 Notes 7 334 Baa2 BBB Lehman/Salomon 3/7/03 3/1/13 Public Service Co of Colorado 250 99.854 Notes 4.875 125 Baa1 BBB+ BankOne/UBS Warburg 3/10/03 3/28/11 Kraftwerke Blenio 49.1 100.35 Fxd/Straight Bd 2.375 NR AA- Zuercher 3/11/03 3/15/10 American Electric Power 500 99.574 Notes 5.375 297 Baa3 BBB Barclays/UBS Warburg 3/13/03 3/15/13 CenterPoint Energy Houston 450 99.632 Gen'l Mtg Bds 5.7 200 Baa2 BBB Salomon/CSFB/Deutsche Bank 3/13/03 3/15/33 CenterPoint Energy Houston 312.3 99.427 Gen'l Mtg Bds 6.95 225 Baa2 BBB Salomon/CSFB/Deutsche Bank 3/13/03 3/15/10 Metropolitan Edison Co 100 99.727 Notes 4.45 125 A2 BBB Bank One/JP Morgan 3/13/03 3/15/13 Metropolitan Edison Co 150 99.713 Notes 4.95 130 A2 BBB Bank One/JP Morgan 3/14/03 3/25/27 Western Power Distribution 316.7 98.862 Fxd/Straight Bd 5.875 140 Baa1 BBB+ Barclays/JP Morgan 3/17/03 4/1/33 Wisconsin Energy Corp 200 99.457 Senior Notes 6.2 148 A2 BBB+ Salomon 3/19/03 4/1/33 CenterPoint Energy Inc 650 100 Notes 7.875 Baa1 BBB Salomon/Bank One/Wachovia 3/19/03 4/1/10 Duke Energy Corp 200 99.838 Fst Mtg Bonds 4.5 103 A2 A ABN AMRO/JP Morgan M&A Date Announced Date Effective Target Name Target Advisors Target Country Acquiror Name Acquiror Advisors Acquiror Country Deal Value ($mil) 3/5/03 - Envirostar Energy - Australia Great Pacific Financial Group - Australia 1.084 3/5/03 3/5/03 Irkutskenergo Public Joint - Russian Fed Comprehensive Energy Systems - Russian Fed - 3/5/03 3/5/03 Pechora Gres Regional Electric - Russian Fed Comprehensive Energy Systems - Russian Fed - 3/5/03 3/5/03 Sistemas Energeticos Cando - Spain SEC Holdco - Spain 83.959 3/6/03 - Kuzbassenergo - Russian Fed MDM Bank - Russian Fed - 3/8/03 3/8/03 Shenzhen Hua Wei Electronic - China Undisclosed Acquiror - Unknown 0.731 3/9/03 - Mid Kent Water - U.K. Macquarie Bank - Australia - 3/10/03 - Iberdrola Morgan Stanley Spain Gas Natural Goldman Sachs/Invercaixa Spain 29,736.45 310/03 3/10/03 Quest Energy - U.S. Enterprise Products Operating - U.S. - 3/11/03 - El Paso Prodn-Rosa Fed Unit - U.S. Undisclosed Acquiror - Unknown 135 3/13/03 3/13/03 Enel-Trani Power - Italy Amet - Italy 16.184 3/13/03 - TXU Energy-Gas Mktg Bus - U.S. UGI Energy Services - U.S. - 3/15/03 - Atro Oyj - Finland Graninge - Sweden - 3/15/03 - Edison-Gas Assets,Egypt - Egypt Gazprom - Russian Fed - 3/15/03 - Gujarat NRE Power - India Gujarat NRE Coke - India - 3/17/03 - Trailigaz Ozone - France Wedeco - Germany - 3/18/03 - Bukit Utama Power - Indonesia Tambang Batubara Bukit Asam - Indonesia - 3/18/03 - Metropolitan Utilities - Malaysia Investor Group Arab-Malaysian Merchant Bank Malaysia - 22.118Source: Thomson Financial Securities Data Company. For more information, call Rich Peterson at (973) 645-9701.

Kevin Roach, managing director and senior utility analyst at Barclays Capital in New York, has left the U.K. investment bank to join a fixed-income hedge fund being launched by Pequot Capital. Steve Zamsky, portfolio manager, says Roach joins as senior v.p. and will cover utility debt as well as other credits. Roach could not be reached for comment and a spokeswoman at Barclays declined to comment on his departure.

Jay Worenklein, global head of project finance at Société Générale in New York, is forming a new company to own and operate power generation assets. Worenklein, a 30-year veteran of the project finance sector, says the degree to which generation assets are undervalued provides too attractive an opportunity to miss. "I've always wanted to be an entrepreneur, but I've never had a really good idea before," he told PFR, explaining the reason for the timing of his departure.

Bill Coorsh, president and managing director of RWE Trading Americas in Houston, has left the firm. Coorsh joined the U.S. arm of Germany's second largest utility two years ago from Tractebel Energy Marketing in Houston, where he was head of origination and marketing, and is widely credited with setting up the trading operations at Tractebel and subsequently at RWE Trading Americas. Reasons for the departure could not immediately be determined. Coorsh, reached at home in Houston, declined comment.