TY - JOUR T1 - TermoEmcali JF - The Journal of Structured Finance SP - 37 LP - 50 DO - 10.3905/jsf.1999.320191 VL - 4 IS - 4 AU - Thomas E. Lake AU - Henry A. Davis Y1 - 1999/01/31 UR - https://pm-research.com/content/4/4/37.abstract N2 - 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. ER -