RT Journal Article SR Electronic T1 TermoEmcali JF The Journal of Structured Finance FD Institutional Investor Journals SP 37 OP 50 DO 10.3905/jsf.1999.320191 VO 4 IS 4 A1 Thomas E. Lake A1 Henry A. Davis YR 1999 UL https://pm-research.com/content/4/4/37.abstract AB The investment-grade-rated, build-operate-transfer (BOT) power project, nearing completion, serves the city of Cali in Columbia. It is owned by Emcali, the local utility, and Intergen, an affiliate of Bechtel enterprises. It was financed “out of the box” by Dresdner Kleinwort Benson in the rule 144A private placement market with a back-up commercial loan commitment. The project's bonds had the longest term to date for a Colombian borrower. Among the project's distinctive features is a bank debt-service letter of credit facility that replaces the government guarantee or power purchase commitment common in previous project financings.