InterGen Gets $335 Million Loans for Mexican Natural Gas Plants

InterGen NV, a Dutch power generation company, raised about $335 million in loans to finance two natural-gas projects in Mexico.

The deal includes $217 million in senior term loans and working capital facilities to build a natural gas-fired power station in San Luis de la Paz, and a $118 million facility for a gas-compression station in Altamira, the Amsterdam-based company said today in a statement.

The debt was arranged by Bank of Tokyo-Mitsubishi UFJ Ltd., Export Development Canada, HSBC Holdings Plc, NordLB, Sumitomo Mitsui Financial Group Inc. and Scotiabank, the company said. Construction of the San Luis de la Paz power station is expected to be completed in 2015, while the Altamira compression station will be ready by next year.

InterGen is ranked Ba3 by Moody’s Investors Service with a negative outlook, and has an equivalent BB- rating from Standard & Poor’s, both the third-highest junk grades, according to data compiled by Bloomberg.

InterGen, owned by the Ontario Teachers’ Pension Plan and China Huaneng Group Corp., runs 11 power plants in the U.K., the Netherlands, Mexico and Australia, according to the statement.

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