BNP Paribas Underwrites 20-Year Project Finance Bond for Crockett Cogeneration.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- BNP Paribas BNP Paribas (Euronext: BNP, TYO: 8665 ) is one of the main banks in Europe and France. It was created on 23 May 2000 through the merger of Banque Nationale de Paris (BNP) and Paribas. is pleased to announce the closing of a $295 million Senior Secured Note issuance for Crockett Cogeneration, A California limited partnership. The Notes, which were structured and placed by BNP Paribas as sole underwriter, have been given ratings of Baa3/BBB- by Moody's Investors Service Moody's Investors Service A leading global credit rating, research and risk analysis firm. Moody's Investors Service A leading firm engaged in credit rating, risk analysis, and research of fixed-income securities and their issuers. and Standard & Poor's. Proceeds from the Note issuance will be used to refinance existing bank debt of approximately $200 million, and to recapitalize the project. The main sponsor is Energy Investors Funds Group. The Notes, which have a 20 year final maturity and 10.6 year average life, were priced at par to yield 5.869%, representing a spread of 140 basis points over the yield on the 10 year Treasury note. The tight pricing on the Notes reflects strong investor interest in the offering and is evidence of the trend of increased investor demand for project finance structures. This trend is being driven by investors' desire to find suitable investments for their cash balances, and the desire to pick up yield over more tightly priced corporate offerings. Recognizing the growing demand for this type of asset, BNP Paribas targeted both traditional private placement investors as well as public bond buyers. The Notes were nearly four times oversubscribed Refers to connecting more users to a system than can be fully supported if all of them were using it at the same time. Networks and servers are almost always designed with some amount of oversubscription, counting on the fact that everybody does not need the service simultaneously. following a limited roadshow. Crockett is a 240 MW cogeneration plant located near San Francisco, California “San Francisco” redirects here. For other uses, see San Francisco (disambiguation). The City and County of San Francisco (EN IPA: [sænfrənˈsɪskoʊ] . The project has a long-term power purchase agreement with Pacific Gas and Electric Company
The Pacific Gas and Electric Company (PG&E) , (NYSE: PCG), is the utility that provides natural gas and electricity to most of Northern California. , which is rated Baa1/BBB. The PPA PPA 1. Palpation, Percussion & Ausculation 2. Pittsburgh pneumonia agent 3. Postpartum amenorrhea 4. Price per accession 5. Pure pulmonary atresia terminates in 2026, approximately one year after the maturity of the Notes. Crockett, which has been operating since 1996, is the largest qualifying facility ("QF") in PG&E's system, and sells steam to the C&H Sugar Company refinery located adjacent to the plant. About BNP Paribas BNP Paribas (www.bnpparibas.com) is a European leader in banking and financial services, with a significant and growing presence in the United Sates and leading positions in Asia. The most profitable bank in the Euro zone, it has a presence in 85 countries with 89,400 employees. The group enjoys key positions in Corporate and Investment Banking, Private Banking & Asset Management, Insurance, Securities Services and Retail Banking. BNP Paribas provides a full array of financial products through a portfolio of brands that cover a variety of distribution channels. With offices in New York, BNP Paribas in North America offers a broad range of corporate, investment banking and securities brokerage activities. With locations in all the major corporate and financial centers across the United States and Canada, BNP Paribas in North America serves a world-class client base of multinational corporate and mid-cap companies, major issuers and institutional buyers. As a registered NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). broker-dealer and member of SIPC (Simply Interactive PC) An earlier umbrella term from Microsoft and Intel for a PC that works like a home appliance. For example, it has a sealed case, uses external connectors for expansion and boots in just a couple of seconds. , BNP Paribas Securities Corp. trades and markets a vast array of global and domestic fixed income and equity products |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion