InterGen Announces Completion of $3.4bn Refinancing Transaction

BURLINGTON, Mass., July 31 /PRNewswire/ -- InterGen today announcedthat it had completed a $3.4bn refinancing of a significant portion of itsdebt. The transaction consists of a $1.875bn issuance of bonds in dollars,euros and sterling and $1.55bn of bank debt (a revolver loan up to $750mand an $800m Term B loan). The joint book running managers are MerrillLynch International, Lehman Brothers, Barclays Capital and Deutsche BankSecurities. InterGen will use the net proceeds of the financing transactions to,among other things, refinance existing parent company debt and repayproject level debt associated with three InterGen plants in the UnitedKingdom and one in Mexico. "We believe the positive reception we received from investors amidst aturbulent debt market clearly shows the financial community recognition ofthe operating and financial strength of our company and our prospects forfuture growth," said Neil Smith, InterGen President & Chief ExecutiveOfficer. "This is a transformative event for InterGen and a significantstep forward in our mission to become one of the preeminent global powercompanies." InterGen is a global power generation firm with 9 power plantsrepresenting an equity share of 5,235 MW of production capacity. InterGenplants and development projects are located in the UK, the Netherlands,Mexico, the Philippines, Australia and Singapore. InterGen is jointly ownedby the Ontario Teachers' Pension Plan and AIG Highstar Capital II, L.P. For more information on InterGen, visit http://www.intergen.com. This press release does not constitute an offer to sell or thesolicitation of an offer to buy nor shall there be any sale of the notesreferred to herein in any state in which such offer, solicitation or salewould be unlawful prior to registration or qualification under thesecurities laws of any such state. The notes will not be registered underthe Securities Act or applicable state securities laws, and are beingoffered by the initial purchasers only to qualified institutional buyers inreliance on Rule 144A under the Securities Act and outside the UnitedStates in accordance with Regulation S under the Securities Act. Unless soregistered, the notes not be offered or sold in the United States exceptpursuant to an exemption from, or in a transaction not subject to, theregistration requirements of the Securities Act and applicable statesecurities laws. Contact: Bob Morris (781) 993-3170