J.P. Morgan, Citigroup and Goldman Sachs have won the mandate to finance Sempra Energy Partners and The Carlyle Group/Riverstone Holdings' joint acquisition of a 632 MW coal-fired power plant in Goliad, Texas from American Electric Power. The group reportedly had to agree to cap its ability to flex pricing on the $350 million "B" loan in order to win the deal, according to one banker. The deal will also include a $15 million working capital facility and a $45 million letter-of-credit facility. Bidding for the deal was said to be highly competitive, with Beal Bank, CIT Group, Credit Lyonnais and WestLB reportedly among Sempra/Carlyle's suitors. GE Capital is also thought to have come close.
Trio Wins Sempra/Carlyle 'B' Loan Mandate