GE and Abengoa withdraw from $600m cogeneration plant

Abengoa and GE Energy Financial Services have withdrawn a planned $600m bond refinancing for the 300MW Nuevo Pemex cogeneration plant in Mexico.

It is understood that higher than hoped-for pricing on the proposed bond issue prompted the move.

The issue would have repaid $367.1m in outstanding bank debt, which is priced at 412bp over Libor during construction with step-ups to 462bp over Libor by maturity, and financed the remainder of construction.

Banobras underwrote the original $460.1m loan with a 6.5 year bullet maturity that closed in June 2010.

The Mexican development bank took about 50 per cent of the debt and sold down the rest to Credit Agricole, Banco Espirito Santo, EDC, HSBC, La Caixa, Banco Santander and Scotia Capital.

For more companies news



Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...