2009 Annual Review - Latham & Watkins
2009 Annual Review - Latham & Watkins
2009 Annual Review - Latham & Watkins
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LS PowerMajor US Power Acquisition and Related FinancingLS Power turned to an experienced multidisciplinary <strong>Latham</strong> &<strong>Watkins</strong> team to structure one of the most complicated energy dealsof <strong>2009</strong>. In what was the year’s largest power plant acquisition,LS Power completed its US $1.5 billion acquisition of a portfolioof eight power plants from Dynegy Inc., a wholesale provider ofpower, capacity and ancillary services to utilities, in a complexexchange of cash, stocks and bonds.LS Power, whose 2006 joint venture with Dynegy formed thelargest US developer of coal-fired power plants, paid DynegyUS $970 million in cash and returned US $245 million Class Bshares in exchange for five peaking and three combined-cyclepower facilities. In addition, LS Power acquired the remaininginterest in the Sandy Creek coal-fired power project underconstruction in Texas, received US $235 million in seniorunsecured notes, and through an exchange of securitiesmaintained a 15 percent ownership stake in the common stockof Dynegy. <strong>Latham</strong> & <strong>Watkins</strong> also represented LS Power in theUS $775 million secured financing for this transaction.PracticesAntitrust & CompetitionBankingBenefits & CompensationCapital MarketsEnergy Regulatory & MarketsEnvironmental CounselingMergers & AcquisitionsProject Development & FinanceReal EstateTransactional TaxOffices InvolvedUnited StatesLos Angeles, New York, Orange Country, Washington, D.C.29 <strong>Latham</strong> & <strong>Watkins</strong> • <strong>2009</strong> <strong>Annual</strong> <strong>Review</strong>