Caithness Coso $90 million subordinated notes on the road via Citigroup

By Paul A. Harris

St. Louis, July 29 - Caithness Coso Partnerships/Caithness Coso Funding Corp. has its roadshow underway for its $90 million offering of 10-year subordinated secured notes (Ba2//BB-), according to an informed source.

Citigroup has the books for the Rule 144A/Regulation S offering.

The pricing date remains to be determined.

The notes are part of an overall $465 million offering that includes a $375 million tranche of 14-year senior secured bonds (Baa3//BBB-).

Proceeds will be used to redeem about $208 million of the company's outstanding series B senior secured notes due in 2009, to fund various reserve accounts and to make loans to the Coso Partnerships to allow for distributions to their respective beneficial owners.

The prospective issuers are special-purpose entities of Caithness Energy, LLC, a privately held independent company based in New York, specializing in power generation with a focus on the development, acquisition, operation and management of renewable geothermal, wind and solar energy power projects, as well as environmentally friendly fossil-fueled projects.

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