Milbank Reps Lenders in $189M Refinancing

NEW YORK, November 28, 2012 – International law firm Milbank, Tweed, Hadley & McCloy LLP, led by Project Finance partners Daniel J. Michalchuk, William B. Bice and Daniel Bartfeld, represented the lenders, Mizuho Corporate Bank Ltd. and Sumitomo Mitsui Trust Bank, Ltd., in the $189 million refinancing of the Hardee Power Plant (“Hardee”) project in Bowling Green, Florida.  Located approximately 60 miles southeast of Tampa, the Hardee facility, is a 370-MW natural gas-fired electric generation facility including both combined cycle and peaking capabilities.  The facility is jointly owned by affiliates of Marubeni Power International, Inc. and Invenergy LLC.

"The successful refinancing of the Hardee Power Plant is a significant milestone for Invenergy and Marubeni and illustrates how domestic U.S. power projects can benefit from current pricing and tenor dynamics in current debt markets,” says Mr. Michalchuk. “Milbank is pleased to have been selected to represent the lenders in this project.”

Additional Milbank attorneys involved in the transaction include associates Caroline Conway and Vanessa Pronovost.