Energy Sponsors Tap Lehman

Lehman Brothers has landed the lead spot for the financing backing ArcLight Capital Partners and Caithness Energy's $558 million acquisition of 12 power plants and a natural gas pipeline from National Energy & Gas Transmission, according to Power, Finance & Risk, an LMW sister publication.

  • 30 Jul 2004
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Lehman Brothers has landed the lead spot for the financing backing ArcLight Capital Partners and Caithness Energy's $558 million acquisition of 12 power plants and a natural gas pipeline from National Energy & Gas Transmission, according to Power, Finance & Risk, an LMW sister publication. Dan Revers, managing partner in Boston, said ArcLight has yet to determine the debt-to-equity mix of the financing or the size of the "B" loan. The loan, if secured against the contracted generation assets and the pipeline, is anticipated to draw strong lender support, said one banker. "It'll be a blow-out," he declared.

The coal and gas-fired generators were sold by the former PG&E National Energy Group, as part of its emergence from bankruptcy protection. Lehman also advised on the acquisition. With bullish sentiment in the high-yield market, Arclight/Caithness will be looking to achieve pricing of around 2% over LIBOR, said the financier, but he noted that commercial banks and even the bond market might be able to provide better pricing, depending on the credit rating of the offtakers.

  • 30 Jul 2004

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 BNP Paribas 14,443 29 18.07
2 Bank of America Merrill Lynch (BAML) 8,264 27 10.34
3 Lloyds Bank 7,329 24 9.17
4 Citi 6,748 19 8.44
5 JP Morgan 5,220 8 6.53

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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  • Today
1 Citi 117,261.12 337 11.09%
2 Bank of America Merrill Lynch 94,721.79 272 8.96%
3 JPMorgan 92,612.23 269 8.76%
4 Wells Fargo Securities 82,597.19 239 7.81%
5 Credit Suisse 69,442.99 183 6.57%