Financing Support and Independent Engineer's Reports

Today's sophisticated capital financing programs demand the right finance team. ERG staff have played a key role as the Independent Consulting Engineer for utility financing programs in excess of $3.8 billion for electric, gas, water and wastewater projects throughout the U.S. and internationally. ERG's expertise includes both traditional revenue bond financing for municipal utility projects, non-recourse financing for the development of private ventures such as non-utility generator projects, utility equipment lease/purchase transactions for major industrials, build-own-operate-transfer ("BOOT") projects, public/private cost sharing arrangements, sale-leaseback and lease-leaseback transactions and other non-traditional financing techniques. ERG staff offer the demonstrated long term experience, innovation and objectivity to support the success of any public, investor-owned or corporate utility project financing program.

A representative listing of investment banking concerns and commercial lenders with whom ERG have worked is as follows:

• Smith Barney
• Citibank International
• First Southwest
• Morgan Stanley
• Fuji Bank
• Credit Suisse
• Dillon, Read & Co.
• Indosuez-Australia, Ltd.
• Pain Webber, Inc.
• Donaldson, Lufkin & Jenrette
• First Boston Corp.
• Sanwa Bank Corp.
• Merrill Lynch
• Goldman Sachs & Co.
• Kemper Securities
• Raymond James & Assoc.
• A.G. Edwards & Co.
• Seattle Northwest
• John Nuveen & Co.
• Kidder Peabody
• Solomon Bros.
• Lehman Bros.

ERG's services include the performance of technical, economic, financial due diligence, regulatory and environmental compliance reviews, development of pro-forma analyses of revenue requirements, debt service coverage projection, project appraisals and valuations, project operation and maintenance cost projections and reviews, bond rating agency presentations, support in developing official statements, tax treatment analyses, fair market and distress value analyses.

A sample listing of public utility and corporate entities for which ERG staff have acted as Independent Consulting Engineer in support of capital financing programs follows:

ERG FINANCE SUPPORT EXPERIENCE
ISSUER/ LESSEE	LOCATION	LESSOR / UNDERWRITER	PRINCIPAL AMOUNT	FINANCING TYPE
American Elec. Power Energy Services, Inc.	OH	Citicorp, NA	$4,641,000	Lease
Appleton Papers, Inc.	WI	Citicorp, NA	$6,000,000	Lease
Asotin County PUD No. 1	WA	Seattle Northwest	$8,470,000	Revenue Bonds
Basic Resources, Inc.	TX	Citicorp, NA	$25,000,000	Lease Credit Facility
Bexar Metro Water District	TX	Smith Barney	$68,030,000	Revenue Bonds
Bexar Metro Water District	TX	Smith Barney	$26,890,000	“     ”
Boise Kuna Irrigation Dist.	ID	Dean Witter	$106,000,000	“     ”
Boise Kuna Irrigation Dist.	ID	Merrill Lynch	$141,150,000	“     ”
Brownsville, City of	TX	Dillon, Read & Co.	$94,900,000	“     ”
Brownsville,  City of	TX	Dillon, Read & Co.	$20,860,000	“     ”
Brownsville, City of	TX	Dillon, Read & Co.	$33,570,000	“     ”
Cargill Corporation	MN	Citigroup, NA	$10,000,000	Lease
Chelan County PUD No. 1	WA	Smith Barney	$34,200,000	Revenue Bonds
Chelan County PUD No. 1	WA	Smith Barney	$10,835,000	“     ”
DESTEC, Inc.	CA	Credit Suisse	$30,000,000	Non-recourse
Douglas County PUD No.1	WA	Wertheim	$56,130,000	Revenue Bonds
Douglas County PUD No.1	WA	John Nuveen & Co.	$16,845,000	“     ”
Emerald PUD	OR	Seattle Northwest	$24,128,000	“     ”
Emerald PUD	OR	Seattle Northwest	$22,170,000	“     ”
Guam Econ. Dev. Authority	Guam	Smith Barney	$30,000,000	“     ”
Guam Power Authority	Guam	Morgan Stanley	$158,000,000	“     ”
International Crossroads Cogen	MI	Sanwa Bankcorp	$16,000,000	Non-recourse
Kings River Water Cons. Dist.	CA	First Boston	$450,000,000	Revenue Bonds
Kissimmee, City of	FL	Raymond James	$31,505,000	“     ”
Kissimmee, City of	FL	Raymond James	$8,120,000	“     ”
Kissimmee, City of	FL	Kemper Securities	$31,975,000	“     ”
Louisiana Energy & Power Authority	LA	Salomon Bros.	$126,505,000	“     ”
Louisiana Energy & Power Auth.	LA	First Boston	$109,515,000	“     ”
Northstar Steel Company	TX	Citicorp, NA	$10,302,000	Lease
Penrice Soda Products, Ltd	Australia	Indosuez Australia, Ltd	$45,000,000	Non-recourse
Republic Engineered Steels Co.	UT	Citicorp, NA	$5,486,000	Lease
Seattle, City of	WA	Morgan Stanley	$249,685,000	Revenue Bonds
Seattle, City of	WA	Salomon Bros.	$100,000,000	“     ”
Seattle, City of	WA	Salomon Bros.	$65,000,000	“     ”
Seattle, City of	WA	Merrill Lynch	$25,000,000	“     ”
Seattle, City of	WA	Shearson Lehman	$45,000,000	“     ”
Tacoma, City of	WA	Merrill Lynch	$125,505,000	“     ”
Tacoma, City of	WA	Foster Marshall AMEX	$30,000,000	“     ”
Tacoma, City of	WA	Foster Marshall AMEX	$60,000,000	“     ”
Texas Municipal Power Agency	TX	Goldman Sachs	$196,120,246	“     ”
Tok Power, LP	AK	Fuji Bank	$65,000,000	Non-recourse
Victoria Cogen, Ltd	Australia	Indosuez Australia, Ltd	$40,000,000	Non-recourse
Luz y Fuerza De San Lorenzo, S.A.	Honduras	Banco De Honduras	$23,000,000	ABF
Luz y Fuerza De San Lorenzo, S.A.	Honduras	Citigroup, International	$11,520,000	ABF
EMCE, S.A. DE C.V.	Honduras	Banco De Honduras	$6,067,000	ABF
Cementos Nationales	Dominican Republic	Citigroup International	$7,100,000	ABF
Bexar Met Water District	TX	Salomon Smith Barney	$30,559,000	Revenue Bonds
Bexar Met Development Corp.	TX	Salomon Smith Barney	$66,654,000	Revenue Bonds
Dominica Electric LTD.	Dominica	Citigroup International	$2,000,000	ABF
Confidential Client	CA	Citigroup International	$40,000,000	ABF
Industrias Nacionales	Dominican Republic	Citigroup International	$3,500,000	ABF
Comercial Laeisz	Honduras	Citigroup International	$3,000,000	ABF
Papeles Venezolanos	Venezuela	Citigroup International	$4,000,000	ABF
Confidential Client	WA	Citicapital	$52,000,000	Lease
Ingenio Magdalena	Haiti	Citigroup International	$6,000,000	ABF
St. Vincent & The Grenadines Electric Authority	St.  Vincent	Citigroup International	$1,710,000	ABF
Tennessee Valley Authority	TN	Confidential	$66,100,000	Lease
Memphis Light Gas & Water	TN	Confidential	$14,100,000	Lease
GENERAK, Inc.	FL	Citicapital	N/A	Vendor Pgm.
Genertek, Inc.	FL	Confidential	$627,000	Lease
Industrias Nacionales, S.A.	Dominican Republic	Citigroup International	$3,260,000	ABF
Dow Chemical Corporation	LA	RI	$12,100,000	Lease
Central Romana & Azucarero, S.A.	Dominican Republic	Citigroup International	$2,780,000	ABF
The Timken Company	OH	Citicapital	$2,720,000	Lease
Cape Esperance Energy	Australia	Confidential	$2,300,000	Lease
Ceramica Industrial de Caribe, C.A.	Dominican Republic	Citigroup International	$1,570,000	ABF
Confidential Client	U.S.	Confidential	$16,900,000	Vendor Pgm.
British Petroleum	Mexico	Citigroup International	$7,130,000	Lease
Loyola University	IL	Citicapital	$2,650,000	Lease
New York University	NY	Citicapital	$45,000,000	Lease
Centro Cuesta National	Guatemala	Citigroup International	$600,000	ABF
Confidential Client	Australia	Confidential	$2,400,000	Lease
Cemento de El Salvador	El Salvador	Citigroup International	$4,710,000	ABF
Invensys, PLC	United Kingdom	Citicapital	N/A	Vendor Pgm.
Compania Azucarera	El Salvador	Citigroup International	$2,000,000	ABF
Confidential Client	TX	Confidential	$28,200,000	Lease
Keppel Fels Energy PTE, Ltd.	Brazil	Citigroup International	$14,000,000	ABF
INDE	Guatemala	Citigroup International	$17,000,000	ABF
Astilleros Braswell International	Panama	Citigroup International	$6,200,000	ABF
Ingersoll Rand Corp.	NJ	Citicapital	N/A	Vendor Pgm.
Confidential Client	US	Citicapital	$3,300,000	Lease
Confidential Client	NY	Confidential	$3,700,000	Lease
Alstom Power Ltd	Canada	Citicapital	$3,000,000	Lease
NRG Energy	WA	Citicapital	$25,200,000	Lease
Confidential Client	Canada	Confidential	$6,370,000	Lease
Textufil SA de CV	El Salvador	Citigroup International	$4,960,000	ABF
DTE Technology	MI	Citicapital	N/A	Vendor Pgm.
Maracay Estado Aragua	Venezuela	Citigroup International	$7,200,000	ABF
GPU Energy	PA	Citicapital	$8,500,000	Lease
IGL, Ltd.	Jamaica	Citigroup International	$6,200,000	ABF
La Grecia Azucarera Compania	Honduras	Citigroup International	$1,300,000	ABF
Aceros de Guatemala	Guatemala	Citigroup International	$13,000,000	ABF
Puerto Plata de Electricidad	Dominican Republic	Citigroup International	$600,000	ABF
Refrescos Nationales	Dominican Republic	Citigroup International	$2,000,000	ABF
Kimberly Clark	Canada	Citigroup, NA	$1,190,000	Lease
Hayes Lemmerz, Inc.	KY	Citicapital	$640,000	Lease
Confidential Client	CA	Confidential	$42,400,000	Lease
Warwick Energy	Great Britain	Confidential	$2,500,000	Lease

 

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