LAWFUEL – Press Release Service – Paul Hastings Represents Sumitomo Mitsui Banking Corporation in the Financing of the Acquisition of CalPeak Power by Tyr Capital and Starwood Energy Group Global
Washington D.C. (June 1, 2006) – Paul, Hastings, Janofsky & Walker LLP (Paul Hastings), a leading international law firm, represented client Sumitomo Mitsui Banking Corporation (SMBC), in acting as sole lead arranger in connection with the financing of the acquisition by Tyr Capital and Starwood Energy Group Global of five peaker power plants in California from United Technologies. The deal closed on May 26, 2006.
In the acquisition, Tyr Capital and Starwood Energy Group Global purchased CalPeak Power, LLC and its portfolio of five natural gas-fired simple cycle power plants with a combined capacity of over 250 MW. Tyr Capital will provide 20% of the equity capital and Starwood Energy Group Global will provide 80%. SMBC provided project debt, consisting of an A/B tranche, a revolver and a letter of credit facility. The floating rate loan was converted to a fixed rate via a swap with SMBC Capital Markets.
The Paul Hastings team, led by attorney Peter Saba, also included Washington, D.C. partners Bill DeGrandis and Lisa Rushton, of counsel Melissa Schwartz, and associates Will Davis, Jennifer Hong, Cara Rodriguez; Los Angeles associate Heather Walker; and New York associates Ben Wolkov and Sven Hodges.
Corporate Practice: Paul Hastings’ corporate practice has more than 400 attorneys in 17 offices around the world who serve clients in globally coordinated, multidisciplinary teams. Our corporate department is the largest in the firm and continues to grow, not only in number of deals and revenue volume, but in the scope of services we offer.
About Sumitomo Mitsui Banking Corp: Based in Tokyo, Sumitomo Mitsui Banking Corporation (SMBC) was established through the merger of The Sakura Bank, Limited and The Sumitomo Bank, Limited. Today, SMBC holds 411 branches in Japan, 15 branches overseas and 41 subsidiary branches.
Paul Hastings Janofsky & Walker LLP, founded in 1951, is a leading international law firm with over 1,000 attorneys in 17 offices. The firm serves a diverse client base including many of the top financial institutions and Fortune 500 companies, supports clients in all of their legal needs and offers deep capabilities in Banking and Finance, Capital Markets, Corporate/M+A, Litigation and Dispute Resolution, Intellectual Property, Project Finance, Investment Management, Real Estate, Labor and Employment and Tax Advisory Services. For additional information, please visit our website at www.paulhastings.com.