Acquisition Dispute Focuses On Swap

The outcome of a three-way tussle to acquire a U.K. power plant could hinge on a roughly GBP300 million (USD546 million) interest-rate swap tied to the 800 MW plant's project-level financing.

  • 18 Jan 2004
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The outcome of a three-way tussle to acquire a U.K. power plant could hinge on a roughly GBP300 million (USD546 million) interest-rate swap tied to the 800 MW plant's project-level financing. Two of the bidders, Calpine and CGE Power, want to keep the out-of-the-money swap in place, but a third bidder, ScottishPower, is asking Damhead Creek Ltd to unwind the contract, a move that would likely cost the plant operator some GBP20 million.

The swap has a weighted-average coupon of 6.52% leaving it almost 2% out of the money, according to a banker close to the deal. Fixed-rate quarterly payments start at GBP194,000 this quarter and amortize to GBP111,000 in 2010.

  • 18 Jan 2004

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3 Bank of America Merrill Lynch 84,341.49 288 7.46%
4 Barclays 75,288.19 241 6.66%
5 Goldman Sachs 68,504.71 208 6.06%

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4 BNP Paribas 8,911.57 55 4.05%
5 SG Corporate & Investment Banking 8,885.00 54 4.04%

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2 UBS 8,283.47 33 7.95%
3 Goldman Sachs 7,736.57 37 7.42%
4 Citi 6,897.11 46 6.62%
5 Bank of America Merrill Lynch 6,215.31 24 5.96%