Commercial finance provider CIT Group Inc. has arranged $125 million in senior secured financings for Arcadia Gas Storage, a salt dome gas storage facility to be developed in north-central Louisiana (see Daily GPI, Jan. 25, 2007). Arcadia is owned by Cardinal Gas Storage, a 50/50 joint venture of Martin Resource Management Corp. and Energy Capital Partners. The facility is to be constructed in two phases over the next three years and will have 7.8 Bcf of working capacity. Financing for the transaction was provided by CIT Energy, a unit of CIT. The senior secured credit facilities included construction, pad gas and accordion financing.
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Ratings Agencies Smile Upon CA Municipals’ Financings
Six years after it was the center of an economic and energy meltdown, California’s latest public-sector energy financings are gaining improved reviews by Standard & Poor’s Ratings Services (S&P) and Moody’s Investors Service.
June 13, 2007