Recent Transactions

Partial List of Transactions completed by the
Principals of USG

Panda Funding Corporation
Sole Manager and underwriter for $105 million in pooled project bonds with a 16 year maturity secured by a portfolio of power projects contained in a special purpose bankruptcy remote wholly-owned finance subsidiary.
Open ended financing vehicle available to fund "equity requirements" on future projects as well as $27.2 million of unrestricted cash.
Financing vehicle capable of incorporating domestic and international projects and absorbing weaker emerging markets credits

Panda-Rosemary Funding Corp
Sole Manager and underwriter for $111.4 million pooled project bonds with a 20 year maturity secured by a 180 megawatt natural gas and oil-fired facility located in Roanoke, North Carolina.
Existing project from which power was being sold to Virginia Electric Power Co.
Financing is limited recourse to the Panda portfolio of projects.

American Bituminous Power Partners, L.P.
Lead Manager and Agent for a $202 million, 16.5 years limited recourse financing
Project utilizes waste coal as fuel to produce 80MW to be sold to Monongahela Power
Financing included Letter of Credit enhancing tax-exempt bonds issued by Marion County, West Virginia and taxable loans
Monitored project through the construction phase including approving monthly draw requests
Syndicated participations in the NatWest Letter of Credit to seven other banks

Scrubgrass Generating Company, L.P.
Agent Bank for a $230 million, 18 years limited recourse financing
Project utilizes waste coal as fuel to produce 80MW to be sold to Penelec
Financing included letter of credit enhancing tax-exempt bonds issued by Venango County, PA., taxable loans and letter of credit supporting obligations under the PPA

Oxbow Power of North Tonawanda, New York, Inc.
Co-Agent for a $82 million, 17 year financing for a gas fired cogeneration project and commercial greenhouse located near Buffalo, New York
55MW of electricity to be sold to Niagara Mohawk

Keystone Energy Services Company, L.P.
Co-Agent for a $461 million, 17.5 years coal fired cogeneration facility located in Logan Township, New Jersey
202MW of electricity to be sold to Atlantic Electric and steam to be sold to Monsanto Company's Delaware River polymer modifier plant

Ogden Martin Systems of Lake, Inc.
Agent for a $82 million financing including $70 million of tax-exempt and $9 million of taxable bonds
Proceeds used to construct a 528 tons per day resource recovery facility located in Lake County, Florida
Electricity sold to Florida Power Corporation

Coso Finance Partners (Navy I)
Participation in a $146 million financing to construct a 75MW geothermal plant in Inyo County, California
Electricity sold to Southern California Edison

Jaimusi Thermoelectric Power Project
Financial advisor to Chinese Sponsor to raise approximately $30 million equity from foreign investor and form joint venture partnership. Debt from local financial institutions received.
75 MW coal fired power project, utilizing domestic equipment (expansion phase II to 125 MW, final phase to 200MW)
Electricity supplied to adjacent aluminium smelter and local power grid./
Transaction included preparation of Information Memorandum, financial modeling, and marketing transaction to potential investors.

Zhuhai Power Project
Advised a leading consortium on equipment supply for potential 2x600 MW power projects in China.
Actively involved in working with the Export Credit Agencies to provide support for financing of the exports on a project financing basis.

Shandong Power Project
Advised a leading consortium on equipment supply for potential 2x600 MW power projects in China.
Actively involved in working with the Export Credit Agencies to provide support for financing of the exports on a project financing basis.
Consortium was awarded the bid and NatWest role has been expanded to be one of three Arranging banks.


EGAT IPP tender bidding
Advised a leading consortium on their bid for a 700 MW and a 2,100 MW gas fired power plants.
Transaction included financing proposals from Export Credit Agencies, international commercial banks and domestic commercial banks.
Involved in all aspects of the deal, including review of all major documents, preparation of the Information Memorandum, financial modeling, advising on structuring the transaction to ensure financiability.
Involved in understanding and presenting various issues to the consortium such as private placement markets, foreign exchange risks and mitigants, foreign versus domestic funding, swaps and other related issues.

Alpine Power Project
Advisor to an Indian power developer for a 330 MW naphtha fired cogeneration project.
Transaction includes financing proposals from Export Credit Agencies, international commercial banks and domestic financial institutions.
Involved in all aspects of the deal, including review and negotiations of all major contracts, preparation of the Information Memorandum, financial modeling, advising on structuring the transaction to ensure financiability.
Involved in selection of international partners, EPC tender bids, understanding and presenting various major issues related to foreign exchange risks and mitigants, foreign versus domestic funding, swaps and other related issues.

Kontek Abbadi Power Project
Advisor to a Malaysian power developer for a 1000 MW coal fired cogeneration project located in South India.
Transaction includes financing proposals from Export Credit Agencies, international commercial banks and domestic financial institutions.
oInvolved in all aspects of the deal, including review and negotiations of all major contracts, preparation of the Information Memorandum, financial modeling, advising on structuring the transaction to ensure financiability.
Involved in selection of international partners, EPC tender bids, understanding and presenting various major issues related to foreign exchange risks and mitigants, foreign versus domestic funding, swaps and other related issues.

KFx Euro-convert transaction
$17 million euro-convert issue for KFx Corporation. KFX is involved in the conversion of low grade coal to high btu coal using heat and pressure via a patented technology.
KFx is in partnership with Thermo Ecotek in the US and with RTZ Corporation on a worldwide basis for its patented technology.
Bonds were structured with a low coupon payment with a conversion to KFx common stock at a strike price within a certain time frame.

Ocean Rig Transaction
Co-Managed a $350 million high yield bond offering with Credit Suisse First Boston as lead manager.
Ocean Rig is constructing two fifth generation semi-submersibles oil rigs capable of drilling in water depths of upto 5,000 feet. The baredecks are being constructed in China and the rigs to be outfitted in the US.
The transaction was structured with floating rate notes and fixed rate notes with a final maturity of 10 years.

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