KGen Partners gets "staple" financing from CSFB for Duke southeast generation assets acquisition

By Sara Rosenberg

New York, May 4 - KGen Partners LLC, owned by MatlinPatterson Global Opportunities Partners II, received "staple" bank debt financing from Credit Suisse First Boston to support the acquisition of Duke Energy's merchant generation assets in the southeast United States for $475 million, an informed source told Prospect News on Tuesday.

Details on the bank financing should be surfacing in the next week or so, the source added.

The sale, which is subject to certain regulatory approvals, is expected to close during the third quarter of this year. The portfolio of assets includes eight natural gas-fired power plants in the region with a total of 5,325 megawatts of capacity, and other power and gas contracts, according to a Duke Energy news release.

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