NEW YORK, May 25, 2004 (PRIMEZONE) -- On May 11th, 2004, Elina de Occidente S.A. de C.V. closed on the financing for the construction of three transmission lines and six substations in northwestern Mexico. BNP Paribas arranged the USD 106 MM debt facility to finance the construction of the project, which was awarded to Elina de Occidente S.A. de C.V. and its parent company, Techint S.A. de C.V, in December 2004 by Comision Federal de Electricidad (CFE), Mexico's government-owned electric utility.
Elina de Occidente S.A. and Techint S.A. de C.V. belong to the Techint Group. Founded in 1945, the Techint Group comprises more than 100 companies operating worldwide, with headquarters in Buenos Aires and Milan and 40,000 permanent employees. Techint is one of the leading companies in Mexico for engineering, procurement and construction and specializes in "turnkey" projects for the energy, oil & gas, petrochemical and steel industries. During its 50 years of presence in Mexico, Techint has successfully executed more than 225 projects including nearly 7,000 kms of transmission lines, 4,500 MVA of installed power transformation and balance of plant for more than 4,000 MW of power generation.
Established in 1937, CFE is a decentralized public entity in charge of the overall planning, development and operation of the national electricity system in Mexico. CFE is responsible for the generation, transmission and distribution of electricity to all of Mexico, with the exception of distribution within Mexico City and nearby areas. CFE is the second largest company in Mexico, serving 21.3 million clients representing 95% of the Mexican population. The project is part of CFE's 10-year multi-billion investment plan to meet projected growth in electricity demand.
BNP Paribas structured and completed the debt financing transaction in four months since being mandated. BNP Paribas acted as Co-Lead Arranger and Administrative Agent. This is the fifth project financing arranged by BNP Paribas for Techint S.A. de C.V.
About BNP Paribas
BNP Paribas (www.bnpparibas.com) is a European leader in banking and financial services, with a significant and growing presence in the United Sates and leading positions in Asia. 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.