PT - JOURNAL ARTICLE AU - Thomas E. Lake AU - Henry A. Davis TI - TermoEmcali AID - 10.3905/jsf.1999.320191 DP - 1999 Jan 31 TA - The Journal of Structured Finance PG - 37--50 VI - 4 IP - 4 4099 - https://pm-research.com/content/4/4/37.short 4100 - https://pm-research.com/content/4/4/37.full AB - The investment-grade-rated, build-operate-transfer (BOT) power project, nearing completion, serves the city of Cali in Columbia. It is owned by Emcali, the local utility, and Intergen, an affiliate of Bechtel enterprises. It was financed “out of the box” by Dresdner Kleinwort Benson in the rule 144A private placement market with a back-up commercial loan commitment. The project's bonds had the longest term to date for a Colombian borrower. Among the project's distinctive features is a bank debt-service letter of credit facility that replaces the government guarantee or power purchase commitment common in previous project financings.