NEW YORK, May 3, 2004 (PRIMEZONE) -- On April 19th, 2004, Pacific Hydro Limited (ASX:PHY) (www.pacifichydro.com.au), Australia's leading renewable energy company, successfully completed the acquisition of the Coya and Pangal hydro projects from the Chilean state-owned copper company, CODELCO, for a total cost of US$75.6 million. The acquisition was funded by USD 60 MM of debt arranged by BNP Paribas (Pink Sheets:BNPQF) and by Pacific Hydro's equity. The BNP Paribas-led Secured Credit Facilities consisted of a US$55 million 10-year Term Loan and a US$5 million 4-year Revolving Credit Loan.
The purchase is consistent with Pacific Hydro's strategy of investing in renewable operations where it can add value through its proven core capabilities. The 39.3 MW Coya and 37.0 MW Pangal power plants will increase Pacific Hydro's installed generation capacity by 51%, to 224 MW and provide a platform for continued growth in the Chilean market. Both hydro assets are located in the Sixth region of Chile, an hour south of Santiago, and supply power to El Teniente, the world's largest copper underground mine owned by Codelco. The debt financing transaction was structured and completed in a very short timeframe of less than two months since being mandated. BNP Paribas acted as Lead Arranger and Administrative Agent. ANZ acted as Syndication Agent in the financing
About BNP Paribas
BNP Paribas (www.bnpparibas.com) is a European leader in banking and financial services, with leading positions in Asia and an active presence in the United States. The most profitable bank in the Euro zone, it has a presence in 85 countries with 89,400 employees. The group enjoys key positions in Corporate and Investment Banking, Private Banking & Asset Management, Insurance, Securities Services and Retail Banking.
Headquartered in New York, BNP Paribas in North America offers a broad range of corporate, investment banking and securities brokerage activities. With locations in all the major corporate and financial centers across the United States and Canada, BNP Paribas in North America serves a world-class client base of multinational corporate and mid-cap companies, major issuers and institutional buyers. As a registered NASD broker-dealer and member of SIPC, BNP Paribas Securities Corp. underwrites, trades and markets a vast array of global and domestic fixed income and equity products. In the U.S., BNP Paribas offers retail banking and financial services through BancWest Corporation, a wholly owned subsidiary.
For more information, please contact: Mark Wisniewski, Corporate Communications -- NY Tel: (212) 841-3719, e-mail: mark.wisniewski@americas.bnpparibas.com