Contact Information: For further information, contact: Seth Martin Mizuho Corporate Bank, Ltd. 212-282-3867
Mizuho Corporate Bank Closes Financing for J-POWER Green Country Capital, LLC
Third Financing Arranged by Mizuho for J-POWER's U.S. Acquisitions
| Source: Mizuho Corporate Bank
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.