GOOD JOB !!

----Original Message-----
   >From:      Paul Chivers/LON/ECT
   >To:          Andrew S Fastow/HOU/ECT@ECT,Ben F Glisan/HOU/ECT@ECT,Mark 
Frevert/NA/Enron@Enron,J.n,David P Tregar/EU/Enron@Enron,Kelly H 
Boots/HOU/ECT@ECT,Joe Gold/LON/ECT@ECT,Richard Lewis/LON/ECT@ECT,Matthew 
Scrimshaw/LON/ECT@ECT,Fernley Dyson/LON/ECT@ECT,Mark Evans/Legal/LON/ECT@ECT
   >Cc:          Bill Appleby/LON/ECT@ECT,Anne Edgley/LON/ECT@ECT,David P 
Tregar/EU/Enron@Enron,Howard Carter/EU/Enron@Enron,Justin 
Boyd/LON/ECT@ECT,Melissa Allen/LON/ECT@ECT,Phillip D Lord/LON/ECT@ECT,Eric 
Gadd/LON/ECT@ECT,Tim DeSpain/HOU/ECT@ECT,Michael Kopper/HOU/ECT@ECT,Peter 
Russell/EU/Enron@Enron,Clive Hutchings/EU/Enron@Enron,William 
Sell/EU/Enron@Enron,Janine Juggins/LON/ECT@ECT,Catharina 
Clabots/LON/ECT@ECT,Angela A Brown/LON/ECT@ECT
   >Bcc:      
   >Subj:      $2.15 bn Enron Metals Inventory Financings Closed
   >Sent:     Thursday, December 07, 2000 3:20 AM
   >
   >Last Tuesday Global Finance Europe closed  a new off balance sheet 
facility with Barclays creating up to $1bn of capacity for existing and new 
physical metals trades for Enron Metals.  This transaction will be added to 
through an additional $350mm of capacity from Credit Lyonnais and compliments 
the $750mm Warrants structure completed in September. 
   >
   >Each transaction involves a sale of either Physical Metal or Warrants to 
the bank with Enron receiving an associated call option. The bank hedges its 
market risk through a  complimentary foward sale with the LME. The new 
physical metal facility will start receiving its first trades this week.     
   >
   >The transaction achieves much for Enron: 
   >Deconsolidation of approximately $2bn of debt financed inventory which 
came with the aquisition of MG plc;
   >The creation of new capacity to grow the business beyond its existing 
base; 
   >Committed facilities for the business unit which are at a lower cost  
than the original debt financed facilities;  
   >The c
   >
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