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CLOSING OF $560 MILLION INVESTMENT GRADE RATED COSO PROJECT DEBT REFINANCING

 OMAHA, Neb., Dec. 18 /PRNewswire/ -- California Energy Company, Inc. (AMEX, PSE: CE), announced today the closing of the refinancing of the debt of the Navy I, BLM and Navy II Partnerships which collectively comprise the Coso geothermal project.
 California Energy operates and, through subsidiaries, is the managing partner (and approximately 50 percent owner) of the three Coso Partnerships, which in 1991 provided approximately 90 percent of California Energy's revenues. Secured notes issued by a special purpose corporation on behalf of the partnerships in the refinancing are rated "Baa3" by Moody's Investors Service, Inc., "BBB-" by Standard and Poor's and "BBB" by Duff & Phelps.
 California Energy's Vice President and Chief Financial Officer, John Sylvia, stated, "We are very pleased that the non-recourse project debt on our major asset was refinanced at a weighted average interest rate of under 8 percent."
 The notes were offered in ten tranches with varying maturities up to 9 years. Then note proceeds are being used by the Coso Partnerships to retire all existing project finance bank debt, fund separate debt service reserve funds and contingency funds for each partnership, and finance a portion of the capital expenditures related to the partnerships' facilities. The notes were sold in a private offering transaction to qualified institutional buyers under Rule 144A. The notes are not obligations of California Energy.
 California Energy Company develops environmentally responsible power generating facilities nationally. The company operates five facilities currently producing in excess of 250 megawatts.
 -0- 12/18/92
 /CONTACT: Richard Jaros, president and COO, or John Sylvia, vice president, chief financial officer of California Energy, 402-330-8900/
 (CE)


CO: California Energy Company, Inc. ST: Nebraska IN: UTI SU:

PS -- NY005 -- 8051 12/18/92 08:01 EST
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Publication:PR Newswire
Date:Dec 18, 1992
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