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Enron Mail |
Before I respond to Shari, I would like to chat with you, please. Thanks.
Sara ---------------------- Forwarded by Sara Shackleton/HOU/ECT on 07/14/99 12:40 PM --------------------------- Shari Stack 07/14/99 12:24 PM To: Sara Shackleton/HOU/ECT@ECT cc: Subject: Re: ETOL ISDA Sara: Would you mind to handle this one? It appears that ETOL is the entity involved in the Watershed deal you worked on back in December. I have been sent a copy of a proposed ECT-ETOL ISDA Schedule and it is very specialized and unlike (despite what Mark Evans wrote) the Riverside 6 transaction I am working on. Maybe it is the Schedule used in the Watershed deal?? Anyway, I will bring it to you. Many thanks, Shari ---------------------- Forwarded by Shari Stack/HOU/ECT on 07/14/99 12:14 PM --------------------------- Mark Evans 07/13/99 07:19 PM To: Shari Stack/HOU/ECT@ECT cc: Mark - ECT Legal Taylor/HOU/ECT@ECT Subject: Re: ETOL ISDA Shari, this has been sent to you because of the similarities with the Teesside Riverside 6 swap which you are dealing with. Perhaps you or Mark could let us know whether you or someone else will be taking this forward. The deal is that Enron is providing swap support to the deal which is an Enron structured financing to get ETOL off balance sheet. ETOL (Enron Teesside Operations Limited) owns the power station at Wilton which we bought from ICI at the end of December 1998. The main factor to bear in mind is that (as in Riverside 6) the swap has to be seen in the context of the deal as a whole and thus there may be non-standard provisions in the documentation which are deal specific and which Enron has to accept in the context of the deal. Let's speak about this as soon as we know that you will be the person to take this forward. Thanks Mark ---------------------- Forwarded by Mark Evans/LON/ECT on 14/07/99 01:09 --------------------------- Robina Barker-Bennett 13/07/99 18:33 To: Shari Stack/HOU/ECT@ECT cc: Trena McFarland/LON/ECT@ECT, Mark Evans/LON/ECT@ECT, Jurgen Hess/LON/ECT@ECT Subject: Re: ETOL ISDA Shari ETOL is Enron Teesside Operations Holdings Limited, a company we bought in December last year. We are currently arranging the sale of subordinated debt and equity in this company to a group of US institutional investors. Since the underlying cash flows are sterling but the investors want US$, we have entered into a currency swap with Trena and Harry. The ISDA that Jurgen has sent to you has been drafted by Milbank Tweed, counsel to the Investors. Mark Evans is the Enron legal person on the transaction, and our outside counsel are Slaughter & May. The underlying transaction is, I believe, similar to the Teesside deal, in that it is subordinated to the investors investment. The underlying swap is for 10 years, but in certain circumstances, largely relating to default by ETOL, the swap might be accelerated. My understanding from Slaughters is that the ISDA is standard for the first 10 pages and thereafter is specific to the current transaction. I would suggest that if you feed your comments back via either Mark or myself. My number is +44 171 970 7438. If you have any further questions, please call. Regards, Robina Shari Stack 13/07/99 18:19 To: Robina Barker-Bennett/LON/ECT@ECT cc: Jurgen Hess/LON/ECT@ECT Subject: ETOL ISDA Dear Robina- I have received the belowmentioned document from Jurgen. Can you pls explain what or who ETOL is? Do you know who drafted this ISDA Schedule? ECT (Houston) Legal? ECTRI (London) Legal? Who am I supposed to neogiate with at ETOL? What are the underlying transactions that this document governs? I am the attorney working on the Teesside ISDA and it does not resemble this. Any information you can give would be appreciated. Many thanks, Shari Stack ---------------------- Forwarded by Shari Stack/HOU/ECT on 07/13/99 12:14 PM --------------------------- Jurgen Hess 07/08/99 06:26 AM To: Shari Stack/HOU/ECT@ECT cc: Subject: ETOL ISDA Shari, Robina Barker-Bennett from our London treasury group asked me to forward to you an ISDA Master agreement from ETOL Trust. I am going to send you this document by air mail. It seems you have recieved already similair agreements from us. Robina mentioned the Teeside ISDA in this context. Please give either Robina or me a call if you have questions.Thanks Jurgen. P.S.: I talked to Gunnar from SEB lately about the ISDA and they really seem to be very slow in their legal department. Thanks for your up-dates.
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