ATLANTA, Oct. 11 /PRNewswire-FirstCall/ -- Mirant
Corporation (NYSE: MIR) announced today that its subsidiary, Mirant
Marsh Landing, LLC, closed last Friday on a $650 million credit facility to provide
construction and permanent financing for its Marsh Landing
Generating Station. The credit facility includes $500 million of construction and term debt and
$150 million of letter of credit
facilities. The letter of credit facilities will satisfy the debt
service reserve required by the new credit facility and the
performance security requirements under the project's power
purchase agreement with Pacific Gas and Electric Company
(PG&E). The term debt will be repaid over the ten year term of
the power purchase agreement.
"We are pleased to be moving forward with efficient new units to
provide a reliable new source of generation to meet the electricity
demands of the San Francisco Bay
Area," said Edward R. Muller,
Mirant's Chairman and CEO.
Mirant Marsh Landing, LLC has received all permits necessary to
begin construction and has directed Kiewit Power Constructors Co.
to commence engineering and procurement for the project.
Construction is scheduled to begin later this year and to be
completed by mid-2013. The total cost of the station is expected to
be approximately $700 million.
The Marsh Landing Generating Station will be a 760 MW natural
gas-fired peaking facility to be located adjacent to Mirant's
existing Contra Costa Generating Station near Antioch, California. Marsh Landing will
utilize existing gas and electric transmission infrastructures and
incorporate best available control technology.
Mirant is a competitive energy company that produces and
sells electricity in the United
States. Mirant owns or leases more than 10,000 megawatts of
electric generating capacity. The company operates an asset
management and energy marketing organization from its headquarters
in Atlanta. For more information,
please visit www.mirant.com.
CAUTIONARY LANGUAGE REGARDING FORWARD-LOOKING
STATEMENTS
Some of the statements included herein involve forward-looking
information. Mirant cautions that these statements involve known
and unknown risks and that there can be no assurance that such
results will occur. There are various important factors that could
cause actual results to differ materially from those indicated in
the forward-looking statements, such as, but not limited to the
inability to complete construction of the Mirant Marsh Landing
Generating Station by mid-2013; the ability of lenders under the
Marsh Landing credit facility to perform their obligations;
restrictions on the ability of Mirant's subsidiaries to pay
dividends, make distributions or otherwise transfer funds to
Mirant, including restrictions on Mirant North America contained in
its financing agreements and restrictions on Mirant Mid-Atlantic
contained in its leveraged lease documents, which may affect
Mirant's ability to access the cash flows of those subsidiaries to
make debt service and other payments; the failure to comply with,
or monitor provisions of Mirant's loan agreements and debt may lead
to a breach and, if not remedied, result in an event of default
thereunder, which would limit access to needed capital and damage
Mirant's reputation and relationships with financial institutions;
and the risks and uncertainties described in Mirant's Form 10-K for
the year ended December 31, 2009 and
Mirant's Form 10-Q for the quarter ended June 30, 2010, filed with the Securities and
Exchange Commission ("SEC").
Mirant undertakes no obligation to update publicly or revise any
forward-looking statements to reflect events or circumstances that
may arise. The foregoing review of factors that could cause
Mirant's actual results to differ materially from those
contemplated in the forward-looking statements included in this
news release should be considered in connection with information
regarding risks and uncertainties that may affect Mirant's future
results included in Mirant's filings with the SEC at
www.sec.gov.
ADDITIONAL INFORMATION AND WHERE TO FIND IT
This communication does not constitute an offer to sell or the
solicitation of an offer to buy any securities or a solicitation of
any vote or approval nor shall there be any sale of securities in
any jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. In connection with the
proposed merger between RRI Energy, Inc. ("RRI Energy") and Mirant,
RRI Energy filed with the SEC a registration statement on Form S-4
that includes a joint proxy statement of RRI Energy and Mirant and
that also constitutes a prospectus of RRI Energy. The registration
statement was declared effective by the SEC on September 13,
2010. RRI Energy and Mirant urge investors and shareholders
to read the registration statement, and any other relevant
documents filed with the SEC, including the joint proxy
statement/prospectus that is a part of the registration statement,
because they contain or will contain important information. You may
obtain copies of all documents filed with the SEC regarding this
transaction, free of charge, at the SEC's website (www.sec.gov).
You may also obtain these documents, free of charge, from RRI
Energy's website (www.rrienergy.com) under the tab "Investor
Relations" and then under the heading "Company Filings." You may
also obtain these documents, free of charge, from Mirant's website
(www.mirant.com) under the tab "Investor Relations" and then under
the heading "SEC Filings."
PARTICIPANTS IN THE MERGER SOLICITATION
RRI Energy, Mirant, and their respective directors, executive
officers and certain other members of management and employees may
be soliciting proxies from RRI Energy and Mirant shareholders in
favor of the merger and related matters. Information regarding the
persons who may, under the rules of the SEC, be deemed participants
in the solicitation of RRI Energy and Mirant shareholders in
connection with the proposed merger is contained in the joint proxy
statement/prospectus. You can find information about RRI Energy's
executive officers and directors in its definitive proxy statement
filed with the SEC on April 1, 2010.
You can find information about Mirant's executive officers and
directors in its definitive proxy statement filed with the SEC on
March 26, 2010 and supplemented on
April 28, 2010. Additional
information about RRI Energy's executive officers and directors and
Mirant's executive officers and directors can be found in the
above-referenced registration statement on Form S-4. You can obtain
free copies of these documents from RRI Energy and Mirant as
described above.
Stockholder inquiries: 678 579 7777
SOURCE Mirant Corporation
Copyright . 11 PR Newswire