-----Original Message-----
From: 	Engeldorf, Roseann  
Sent:	Wednesday, October 31, 2001 9:39 AM
To:	Engeldorf, Roseann
Cc:	Dutt, Ranabir; Galan, Joseph M.; Kimball, Mary
Subject:	FW: New restructuring pictures for Electrobolt

Mark - in answer to your questions, the restructuring of the ownership chain for the Electrobolt power project is being done at OPIC's request - to make it easier for OPIC to exercise its remedies under the contemplated project financing structure.  The Americas tax team will also realize a few efficiencies.  We have obtained consents from our construction lenders to finalize the restructuring before OPIC comes in later this year. 

The attached slides show the steps.  The top tier "Brazilian Power Development Trust" is a Delaware business trust with a 97/3 structure in which John Hancock is the equity.  The debt is syndicated; WestLB is the Lender Agent.  

This restructuring does not increase any risks to Enron, the lending banks, or the equity.  It is an administrative concession to OPIC, with some tax benefits to us.   

I am available to answer any other questions you may have. 

Thanks,

Rose

Attachment

 -----Original Message-----
From: 	Kimball, Mary  
Sent:	Friday, September 21, 2001 3:01 PM
To:	Muchmore, Nancy; Engeldorf, Roseann; Galan, Joseph M.
Subject:	New restructuring pictures for Electrobolt----ignore the first and use this one



 

Mary