O&M Star Generation to launch $278 million credit facility Friday

By Sara Rosenberg

New York, Aug. 2 - O&M Star Generation LLC is scheduled to hold a bank meeting on Friday to launch its proposed $278 million eight-year credit facility, according to a market source.

BNP Paribas and Lehman are the lead banks on the deal, with BNP the left lead.

The facility consists of a $19 million funded letter-of-credit facility and a $259 million term loan, the source said.

Proceeds will be used to help fund the acquisition of two power plants by AIG Highstar Generation and Ontario Teachers Pension Plans.

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