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Published on 6/28/2004 in the Prospect News Bank Loan Daily.

S&P rates Coleto Creek loan

Standard & Poor's said it assigned its preliminary BB rating to Coleto Creek WLE LP's $205 million first-lien term loan B due 2011 and its preliminary BB- rating to Coleto Creek's $150 million second-lien term loan C due 2012.

S&P also assigned its 1 recovery rating to the term loan B and 3 to the term loan C.

The loans will be used for the acquisition by a joint venture of Sempra Energy Partners (a wholly owned subsidiary of Sempra Energy) and Carlyle/Riverstone Global Energy & Power Fund II LP, of 10 power generation plants totaling 4,200 megawatts from AEP Texas Central Co., including the 632 megawatt Coleto Creek coal plant, for $430 million. The coal plant will, however, be the partnership's sole asset and cash from the plant will support debt service on all borrowings.


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