K Road Power, Inc. Completes Recapitalization of Boston Generating LLC.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 -- K Road Power, Inc., a leading energy investment firm, announced today that EBG EBG Electromagnetic Band Gap EBG Ernst-Barlach-Gymnasium (German high school name; several cities) EBG European Board of Gastroenterology EBG EuroBonus Gold EBG Electron Beam Gun EBG Electronic Book G EBG Extended Boolean Graphs Holdings LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control ("EBG Holdings" or "the Company") and its wholly-owned subsidiary, Boston Generating, LLC, ("Boston Generating") have completed a recapitalization through the issuance of $2.1 billion in new debt. The transaction creates significant value for shareholders while positioning the Company for future growth and the next step in its lifecycle. "I am pleased that EBG Holdings has been able to complete the successful refinancing of its outstanding credit facilities credit facilities npl → facilidades fpl de crédito credit facilities npl → facilités fpl de paiement credit facilities and to return significant value to shareholders through the purchase of membership equity units at an attractive price," said William Kriegel, Chairman and Chief Executive Officer of each of K Road Power and EBG Holdings. "Closing this facility on favorable terms is another indication of the market's recognition of the value of EBG Holdings." As part of the recapitalization, Boston Generating repaid approximately $800 million of existing debt. The recapitalization returned approximately $1 billion to equity holders of EBG Holdings, including the repurchase of approximately $925 million of the outstanding membership equity units of EBG Holdings for $340 per unit. Affiliates of K Road Power act as asset manager for and own a significant equity stake in EBG Holdings. In October of 2005, affiliates of K Road Power acquired a 10% stake in Boston Generating at a membership equity unit price of $100. As part of the 2005 transaction, K Road Power completed a recapitalization of debt and equity including issuing $800 million in new debt and $650 million of equity. Kriegel concluded: "We are pleased that we were able to take advantage of favorable conditions in the debt markets and the New England New England, name applied to the region comprising six states of the NE United States—Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut. The region is thought to have been so named by Capt. energy markets to close this new facility on improved terms to the benefit of the Company and its shareholders. We will continue to seek improved performance at EBG Holdings and to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. the strengths of EBG Holdings to create additional value for our shareholders." Credit Suisse The Credit Suisse Group (SWX:CSGN, NYSE: CS) is a financial services company, headquartered in Zürich, Switzerland. It is the second-largest Swiss bank, behind UBS AG. and Goldman Sachs The Goldman Sachs Group, Inc., or simply Goldman Sachs (NYSE: GS) is one of the world's largest global investment banks. Goldman Sachs was founded in 1869, and is headquartered in the Lower Manhattan area of New York City at 85 Broad Street. Capital Partners, L.P. acted as joint lead arrangers for the financing, placing $2.1 billion in new debt facilities for the recapitalization of EBG Holdings and its subsidiaries. About Boston Generating Boston Generating consists of approximately 3,000 MW of generation and includes approximately 2,400 MW of newly-built gas-fired combined cycle facilities. Over 2,000 MW are located in the Boston metropolitan area. The facilities sell all of their energy and capacity into the ISO-New England deregulated market. An affiliate of K Road Power acts as manager for the operations of Boston Generating's assets. About K Road Power K Road Power is a leading investment firm which targets acquisitions and investments in the U.S. power industry in which it has a key management role. Its focus is primarily on merchant power plants. K Road Power is privately owned with its headquarters in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. . |
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