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Otay Mesa Energy gets $377 million credit facility
By Sara Rosenberg
New York, May 4 - Otay Mesa Energy Center LLC, a subsidiary of Calpine Corp., closed on a new $377 million project financing credit facility, according to a company news release.
ING Capital LLC and BayernLB acted as the joint lead arrangers on the deal.
The facility is a construction loan that will convert to a term loan at commercial operations, expected in May 2009.
The term loan will mature in April 2019.
Proceeds will be used to finance the construction of the 596-megawatt Otay Mesa Energy Center near San Diego.
Calpine is a San Jose, Calif., power company.
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