Mirant Completes Sale of Six U.S. Gas Plants
May 01 2007 - 5:21PM
PR Newswire (US)
ATLANTA, May 1 /PRNewswire-FirstCall/ -- Mirant Corporation
(NYSE:MIR) announced today that it has completed the sale of six
U.S. natural gas fired plants to Broadway Generating Company, LLC,
a member of the LS Power Group. The net proceeds to Mirant from the
sale, after paying transaction expenses and retiring $83 million of
project-related debt, were $1.306 billion. The following U.S.
plants, totaling 3,619 MWs, were sold: Zeeland (903 MW), West
Georgia (613 MW), Shady Hills (469 MW), Sugar Creek (561 MW),
Bosque (546 MW) and Apex (527 MW). In accordance with covenants
contained in the debt instruments of Mirant North America, LLC, a
subsidiary of Mirant Americas Generation, LLC, approximately $524
million of the proceeds from the sale, including those related to
the Zeeland and Bosque plants, will be reinvested in the business
of Mirant North America, LLC. About Mirant Corporation Mirant is a
competitive energy company that produces and sells electricity in
the United States, the Caribbean, and the Philippines. Mirant owns
or leases approximately 13,900 megawatts of electric generating
capacity globally. The company operates an asset management and
energy marketing organization from its headquarters in Atlanta. For
more information, please visit http://www.mirant.com/. About LS
Power Group LS Power was founded in 1990 and is a fully integrated
development, investment and asset management group of companies
focused on the power industry. LS Power maintains offices in New
York, New Jersey, Missouri, California, Florida and Massachusetts.
http://www.lspower.com/ DATASOURCE: Mirant CONTACT: Media, Felicia
Browder, +1-678-579-3111, , or Investors, Mary Ann Arico,
+1-678-579-7553, , or Sarah Stashak, +1-678-579-6940, , all of
Mirant; or Darpan Kapadia, +1-212-615-3433, , of LS Power Web site:
http://www.mirant.com/ http://www.lspower.com/
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