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Transaction Update: North American Energy Alliance LLC Dec 11
Standard & Poors, Dec 2011
Abstract
North American Energy Alliance is a project-financed, ring-fenced, and special-purpose entity consisting of $545 million in first-lien facilities and $205 million in second-lien notes. NAEA was originally created to fund the acquisitions of Consolidated Edison Development's (CED) ownership in 1,706 megawatts (MW) of natural gas and hydro generating capacity in PJM and NEPOOL in 2008. The project is owned 100% by Australian wholesale investment firm and pension fund manager Industry Funds Management (IFM). There is $141 billion under management through IFM II (about $4.4 billion in assets, including NAEA). Secured debt matures in 2015 and is paid through a 100% cash sweep supported by tolling agreements, financial hedges, and predetermined capacity payments. North American Energy Alliance LLC's (NAEA) ability to...
Companies mentioned in this report are: North American Energy Alliance LLC
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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