Small pieces of power project ANP Funding's $399 million "B" loan traded at 90-91 1/2. The "B" loan for the International Power subsidiary is part of a financing that restructured a $1.4 billion facility used to build IP's U.S. merchant portfolio. The deal does not have equity upside, said one trader, speculating on why the debt has traded down. The facility also includes a $450 million "A" loan with the debt led by Credit Suisse First Boston and Morgan Stanley. The project loan was originally used to build I.P.'s 3,890 MW U.S. merchant portfolio. The construction of the project was finished in 2002 with the credit restructured in 2004. Officials at ANP did not return calls by press time.