James Bartlett

James Bartlett, a Director in the Global Energy Group at Credit Suisse First Boston, has played a central role in major power financings for the firm, including the two largest project financings completed in the U.S. Independent Power Sector in 2000:

(i) the $1.147 billion financing for Midwest Generation (a subsidiary of Edison Mission Energy)
(ii) and the $3.1 billion bank financing for Mirant's acquisition of a 5,100 MW portfolio of generating      assets from Potomac Electric.

The Mirant transaction also included a $1.224 billion capital markets financing, representing the largest generation company issue ever in the bond markets.

Credit Suisse First Boston worked on major financings in conjunction with continued consolidation in the IPP sector, including over $6 billion in facilities in support of Calpine and their acquisitions of Skygen Energy and numerous other power projects. Credit Suisse First Boston currently is also raising an aggregate $3.0 billion for NRG Energy to support the acquisition of LS Power and other growth initiatives.The outlook for 2001 appears to be quite active and driven by the following factors:

(i) M&A activity
(ii) greenfield and brownfield development and
(iii) introduction of new generation/wholesale energy companies spun off from integrated utilities.

Bartlett was particularly keen on Credit Suisse First Boston's development of two major new sources of capital for the power sector, Credit Suisse First Boston's $1.7 billion project finance fund (providing an alternative for issuers seeking long dated 20+ year maturities, delayed deliveries and capital markets style execution) and Credit Suisse First Boston's $5.0 billion Project Finance Loan Program (providing fully underwritten bank facilities with firm pricing to investment grade projects in the United States and Canada)

. Bartlett sees an increasing need for these products by issuers to support their significant capital needs associated with their large acquisitions, expansion plans or genco recapitalizations and refinancings. He also sees a continuing trend towards larger transactions, as investors and lenders look to large liquid issuers.