Search results for

Enron Global Services is locked in battle with bidders over the value of its Latin American electricity assets. One Brazilian investment banker advising a bidder, says his client is looking to buy the assets for less than $3 billion, some 50% below where Enron currently values the assets. "Enron has been firm in the negotiations process, but it has to unload these assets."

The Inter-American Development Bank last week approved $282.4 million in financing to help fund the construction of a $403.5 million, 520 MW natural gas-fired power plant, dubbed Termopernambuco, located in Brazil's northeastern state of Pernambuco.

Bonds Maturity Issue Date Issuer Amount ($ mil) Offer Price Type of Security Coupon (%) OfferYield (%) Moody Rating Standard & Poor's Rating Book Manager(s) 12/13/01 12/15/06 Northern Illinois Gas 50 100 Fst Mtg Bonds 5.55 Aa1 AA ABN AMRO 12/18/01 02/12/06 Ohio Valley Electric 305 100 Notes 5.94 NR AAA ABN AMRO/MCDONALD 12/19/01 01/18/05 Vorarlberger Kraftwerke 21.4 99.9 Fxd/Straight Bd 3 NR NR BK VON ERNST 12/19/01 01/18/07 Vorarlberger Kraftwerke 21.4 100 Fxd/Straight Bd 3.5 NR NR BK VON ERNST 12/19/01 01/18/09 Vorarlberger Kraftwerke 18.4 99.8 Fxd/Straight Bd 3.75 NR NR BK VON ERNST M&A Date Announced Date Effective Target Name Target Country Acquiror Acquiror Industry Sector Acquiror Country Value($mil) 12/14/01 12/14/01 Trondheim Energiverk Norway Statkraft (Norway) . Norway 478.55 12/15/01 . Konosu-Gas Business Japan Tokyo Gas . Japan 10.202 12/17/01 12/17/01 Atlantic Utilities U.S. Florida Public Utilities . U.S. . 12/17/01 . Shandong Tengzhou Xinyuan China Shandong Intl Power Dvlp . China 1.644 12/17/01 . Shandong Luneng Fuel China Shandong Intl Power Dvlp . China 4.707 12/17/01 . Shandong Luneng Fuel China Shandong Intl Power Dvlp . China 8.956 12/17/01 . Transgas(Czech Republic) Czech Republic RWE Merrill Lynch Germany 3701.48 12/18/01 . Bohol Water Utilities Philippines ITE Electric PwC, Tokyo-Mitsubishi Sec. Singapore . 12/18/01 . Edelnor(Mirant Energy) Chile FS Inversiones . Chile 4.5 12/18/01 . Salcon Power Philippines ITE Electric PwC, Tokyo-Mitsubishi Sec. Singapore . Source: Thomson Financial Securities Data Company. For more information, call Rich Peterson at (973) 645-9701.

Companhia Energetica de Minas Gerais (CEMIG) is looking to develop six hydroelectric facilities in southeastern Brazil with a combined capacity of almost 1.5 GW over the next few years to cover a generation shortfall in the country. To fund the commencement of its ambitious expansion program over the next year, CEMIG tapped the domestic capital markets on Dec. 3 with a BRL581.2 million ($242.4 million) bond offering. "We are building a large number of power plants next year, so we need to raise a lot of money. We've prepared the issue to face this program," explains Cristiano Correa de Barros, cfo at the Minas Gerais-based utility.

The Inter-American Development Bank earlier this month approved a $240 million financing plan to help fund a $320 million transmission line, dubbedEmpresa Propietaria de la Linea, which will link the electricity grids of Central America's Guatemala, El Salvador, Honduras, Nicaragua, Costa Rica and Panama. The remaining $70 million will be provided by the Spanish government and administered by the IDB.

Iran's Ministry of Energy has sent out request for proposals to international banks on advise it financing a roughly 300 MW gas-fired power project northeast of Tehran on the Caspian Sea. One banker familiar with the process says the Iranian government is looking to use an international developer to construct the project, but has yet to decide if the plant will be operated by a foreign power provider or managed by the state.

Following is a directory of upcoming Middle Eastern power projects. To report new projects, please call Will Ainger, Managing Editor, at (44-20) 7303-1735 or email: wainger@euromoneyplc.com.

Lead arrangers of the Al Shuweihat S1 $1.3 billion project loan and $360 million equity-bridge loan have signed up 18 banks in wholesale syndication and will shortly begin looking for up to a dozen more banks to commit in retail syndication. In total up to 40 banks, including the seven leads, could end up participating in the loan, says one banker involved in the deal. Retail syndication is likely to be launched in early January, he adds. "It's difficult to know exactly how many more banks will join the syndicate as over-allotments at the wholesale level have yet to be scaled back," notes the banker.

TransMantaro in Peru will use the proceeds from a $30 million senior note offering it made late in November to help pay down $105 million in term financing it took out to fund the construction of a power transmission project. Lead manager for the sale wasCiticorp Peru, an international subsidiary of Citibank.

The Brazilian government's state of Goias has delayed the auction of Companhia Energetica de Goias (Celg), a regional electricity distribution concern, because labor unions successfully sought a legal injunction to block the sale, says a banker familiar with the matter. The Celg sale, which had a BRL1.32 billion ($520 million) minimum price tag, was slated to occur two weeks ago. The Goias government has yet to set a new date, according to the banker. J.P. Morgan bankers, who are advising on the sale, declined to comment.