TITLE

Project Finance Hopes for Savior

AUTHOR(S)
Gregorio, Cesaltine
PUB. DATE
June 2003
SOURCE
Investment Dealers' Digest;6/9/2003, Vol. 69 Issue 23, p15
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article reports that the $400 million loan financing for Florida Power and Light Co. (FP&L), the first major project finance transaction in 2003, is expected to activate the depressed project finance market in the U.S. Businesspeople in the industry are eagerly monitoring the progress of the deal, as its success will determine the course of project finance activity for the rest of 2003. The deal, which came to market in May 2003, will back the construction of two plants: Calhoun, in Alabama and Markus Hook, in Pennsylvania. Both plants will have a total nominal capacity of 1,412 megawatts and are estimated to cost a combined $911.1 million. Financing for the deal was decreased from an original $1 billion and the issuer has to settle for more expensive financing than many comparable issuers achieved in 2001. The FP&L deal demonstrates the change in environment for project financings. In addition to its more expensive pricing, the deal is heavily financed by equity.
ACCESSION #
10070916

 

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