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Ripon Cogeneration LLC ("Ripon") announced today
the successful closing of a $69.5 million bank
facility lead by Union Bank of California. The
project finance facility, which includes a combination
of debt and letters of credit, will mature in
2018 with pricing based on LIBOR plus a margin.
The facility replaces a term loan B financing
put in place in early 2004.
"The opportunity was too great for us to pass
up," said Scott Harlan, Chief Financial Officer
of Ripon. "The aggressiveness of the bank market
enabled us to realize a substantial savings
while at the same time extending the life of
the debt by several years."
The financing is secured by the assets of Ripon
which include two power projects, Ripon Cogeneration
and San Gabriel Cogeneration, both located in
California. The projects sell power under long
term contracts to PG&E and Southern California
Edison, respectively.
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