ArcLight/Caithness debt financing advances
Via PRNewswire:
Caithness Coso Funding Corp. (the “Company”) announced the pricing terms of its previously announced tender offers and consent solicitations for any and all of its outstanding $90,000,000 original principal amount of 6.263% Subordinated Secured Notes due 2014 (CUSIP Nos. 128017AK6 and U12295AD0) (the “2014 Notes”) and its $375,000,000 original principal amount of 5.489% Senior Secured Bonds due 2019 (CUSIP Nos. 128017AG5 and U12295AC2) (the “2019 Bonds” and, together with the 2014 Notes, the “Notes”). The tender offers and the related consent solicitations are subject to the terms and conditions set forth in the Company’s Offer to Purchase and Consent Solicitation Statement, dated September 18, 2007, and the accompanying Consent and Letter of Transmittal
(together, the “Offer Documents”).
This deal continues to drag on, but the release shows that progress is being made. The Coso Geothermal plants make up the bulk of the generation assets in the ArcLight Renewco deal and this needed to be sorted out clearly – particularly with respect to the operating agreements in place with the US Government for those assets.
