This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Central Plains Energy Project Announces Consent Solicitation For Its Gas Project Revenue Bonds, Series 2007A And Series 2007B

NEW YORK, March 19, 2013 /PRNewswire/ -- Central Plains Energy Project ("CPEP") announced today that it is soliciting consent to certain amendments to the transaction from holders of its Gas Project Revenue Bonds, (Project No. 1) Series 2007A and Series 2007B (together with the Series 2007A Bonds, the "Series 2007 Bonds") on the terms and subject to the conditions set forth in the Consent Solicitation Statement dated March 18, 2013.

As more fully described in the Consent Solicitation Statement, the proposed amendments would permit CPEP to:
  • Provide credit support for MBIA, Inc., as an investment agreement provider for the Working Capital Account of the Project Fund ($10,095,000), the Current Reserve Subaccount of the Debt Service Reserve Account ($21,630,000), and the Early Termination Reserve Subaccount of the Debt Service Reserve Subaccount ($6,235,000), by amending the Gas Supply Contracts between CPEP and the Project Participants, amending and restating the Receivables Purchase Agreement and amending the Goldman Sachs Guaranty, and by making corresponding amendments to the Indenture. 

  • Amend and Restate the Gas Purchase Agreement between CPEP and J. Aron & Company, as gas supplier, to eliminate a seller default if The Goldman Sachs Group, Inc. fails to maintain a credit rating of "BBB-" or higher by Standard & Poor's or "Baa3" or higher by Moody's, or otherwise post credit support.

  • Create a custodial arrangement with respect to the Commodity Swaps in order to mitigate CPEP's credit exposure to the Royal Bank of Scotland plc, as the commodity swap counterparty, and make corresponding amendments to the Commodity Swaps in connection therewith.

Adoption of the proposed amendments requires the consent of a majority in principal amount of the Series 2007 Bonds outstanding.   In addition to receiving such consent, the proposed amendments will become effective upon the satisfaction of certain conditions, including the Series 2007 Bonds receiving ratings of at least "A3" from Moody's, "A-" from S&P and "A-" from Fitch Ratings.   As of March 18, the Series 2007 Bonds are rated "B2" by Moody's, "B" by S&P and "A" by Fitch Ratings.

The consent solicitation will expire at 5:00 p.m., New York City time, on April 16, 2013, unless terminated, shortened or extended by CPEP.  Only holders of record of the Series 2007 Bonds as of 5:00 p.m., New York City time, on March 15, 2013, are eligible to deliver consents to the proposed amendments in the consent solicitation.

CPEP has retained RBC Capital Markets, LLC to act as Solicitation Agent in connection with the consent solicitation.  Questions about the consent solicitation may be directed to RBC Capital Markets, LLC at (855) 845-9469 (toll-free).  Copies of the Consent Solicitation Statement and related documents may be obtained from D.F. King & Co., the Information Agent and Tabulation Agent for the consent solicitation, at (800) 431-9645 (toll-free) or (212) 269-5550 (collect). 

This announcement is for informational purposes only and is not a solicitation of consents with respect to any securities.  This announcement shall not constitute an offer to buy or a solicitation of an offer to sell any Series 2007 Bonds.  The consent solicitation is being made solely on the terms and subject to the conditions set forth in the Consent Solicitation Statement and is not being made in any jurisdiction in which it is unlawful to solicit or grant consents.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,798.49 -14.90 -0.08%
S&P 500 2,090.11 +1.24 0.06%
NASDAQ 5,127.5250 +11.3820 0.22%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs