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Enron Mail |
I have no idea what this project is so an update would be appreciated. Please set something up with my assistant Cindy Stark. Thanks.
-----Original Message----- From: Piro, Jim Sent: Wednesday, May 30, 2001 5:59 PM To: Hayslett, Rod; Horton, Stanley Cc: Abrams, Clement; HEIKKINEN, GARY; Shah, Mahendra Subject: District Cooling Project - Project Financing We are in the process of closing with US Bank on our financing for the construction of the first phase of this project for $13 million. We are working with the Enron Corp. - Corporate Financing group to obtain a corporate guarantee for the financing. This project is currently in PGH2 and is part of what is being sold with PGE. The financing guarantee will contemplate this sale and will allow for the assignment of the guarantee to the new buyer as long as they meet an agreed upon financial standards (ie. BBB+). Since we are under ETS you or Stan might get questions on the project and I wanted to provide you an overview of the project. Mahendra Shah of our treasury group has had a conversation with Greg Caudell and Jim Newgard (both report to Tm Despain) at Enron Corp. Corporate Finance about the Enron Guaranty for the US Bank construction facility (up to $13 million). He has forwarded to them, the US bank's draft of the Enron guaranty. They indicated that the guaranty would probably be redrafted by Clement Abrams using the standard Enron format. If you have any questions on the District Cooling Project or need additional information we can set up a conference call and go over the various aspects of the project. We also have the financial model available that we can forward to you that was reviewed and was the basis of Enron's approval.
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