Wisconsin Energy subsidiary, represented by Mercer Thompson, sells $420 million secured senior notes for Oak Creek Unit 2 financing
In January 2011, Elm Road Generating Station Supercritical, LLC, a wholly owned subsidiary of Wisconsin Energy Corporation, successfully sold $420 million of secured senior notes to finance the costs of construction of its 83.34% undivided ownership interest in Unit 2 of the Elm Road Generating Station, an approximately 615 MW supercritical pulverized coal electric generating unit located in Oak Creek, Wisconsin ("Oak Creek Unit 2"). Elm Road's 84.34% undivided ownership interest in Oak Creek Unit 2 has been leased to Wisconsin Electric Power Company, also a wholly owned subsidiary of Wisconsin Energy, under a long-term facility lease and ground sublease. The notes are secured by a collateral assignment of Elm Road's leasehold interest in the facility lease and ground sublease with Wisconsin Electric. The notes were offered and sold to qualified institutional buyers under SEC Rule 144A. Mercer Thompson, led by Principal John Mercer, was lead outside counsel to Elm Road in the transaction.
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