RT Journal Article
SR Electronic
T1 TermoEmcali
JF The Journal of Structured Finance
FD Institutional Investor Journals
SP 37
OP 50
DO 10.3905/jsf.1999.320191
VO 4
IS 4
A1 Lake, Thomas E.
A1 Davis, Henry A.
YR 1999
UL http://jsf.pm-research.com/content/4/4/37.abstract
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.