SOURCE: Mizuho Corporate Bank

September 27, 2007 15:00 ET

Mizuho Corporate Bank Closes Financing for J-POWER Green Country Capital, LLC

Third Financing Arranged by Mizuho for J-POWER's U.S. Acquisitions

NEW YORK, NY--(Marketwire - September 27, 2007) - Mizuho Corporate Bank, Ltd. ("Mizuho") today announced that it has successfully closed a US$110 million financing facility for J-POWER Green Country Capital, LLC ("J-POWER GC"). The facility supports J-POWER's September 2007 acquisition of Green Country Holding LLC, which owns the Green Country power plant in Jenks, Oklahoma.

"We are pleased to continue our long-standing relationship with J-POWER through this financing," said Mitsuhiro Nagahama, Managing Executive Officer and Head of the Americas for Mizuho Corporate Bank, Ltd. "The transaction demonstrates our position as a market leader for project finance in the Americas."

"Due to consistent and successful execution, this is Mizuho's third assignment in 18 months as Sole Mandated Lead Arranger and Bookrunner for J-POWER's strategic acquisitions of U.S. power generating assets," added John W. Salyer, President, Chief Executive Officer of J-POWER USA Development Co., Ltd.

J-POWER GC is owned by J-POWER USA Generation, L.P. ("USA Generation"), the 50/50 joint ventured company of J-POWER USA Investment Co., Ltd. and John Hancock Life Insurance Company ("John Hancock"). J-POWER USA Investment Co., Ltd. is a wholly-owned subsidiary of Electric Power Development Co., Ltd ("J-POWER").

The proceeds from the facility support USA Generation's acquisition of 100% equity shares of Green Country Holding LLC from GE Energy Financial Services and Tyr Energy Inc. Green Country Holding owns a 795-megawatt gas-fired, combined-cycle plant located in Jenks, Oklahoma. Mizuho acted as Sole Mandated Lead Arranger and Bookrunner for the facility. Structurally, the facility is subordinate to the senior note outstanding for the Green Country power project, and is repaid from the dividend cash flow of the project.

The Green Country acquisition follows J-POWER's purchase of stakes in Elwood Energy LLC in January 2007 and Tenaska Frontier Power Plant in April 2006. With these three acquisitions, J-POWER and John Hancock, through joint venture USA Generation, have together built a U.S. power portfolio of approximately 2,000 megawatts, giving J-POWER more than 1,000 net megawatts in the U.S. Mizuho acted as Sole Mandated Lead Arranger and Bookrunner for both acquisitions, and, as a market leader of loan syndications in Japan, in both cases successfully arranged syndications in the U.S. and Japan. Mizuho expects to syndicate the financing facility for J-POWER GC later this year.

Mizuho Corporate Bank, Ltd. provides financial and strategic solutions for the increasingly diverse and sophisticated needs of clients, focusing its efforts on serving major corporations, financial institutions, and public sector entities. A relationship management approach to serving clients enables Mizuho Corporate Bank, Ltd., together with affiliates including Mizuho Securities, to develop customized solutions in areas such as corporate and structured finance, investment banking, transaction banking and risk management. With offices in more than 20 countries, Mizuho Corporate Bank, Ltd. offers clients both localized service and the extensive reach of a global business network. Mizuho Corporate Bank, Ltd. is a subsidiary of the Japan-based Mizuho Financial Group, Inc. (NYSE: MFG), one of the largest financial services companies in the world, with total assets of more than US$1.2 trillion, as of March 31, 2007.

Contact Information

  • For further information, contact:
    Seth Martin
    Mizuho Corporate Bank, Ltd.
    212-282-3867
    Email Contact