Teco

Lenders came out in droves last week to finance the two largest merchant power plants in the nation. Panda Energy and TECO Power Services (TPS) said 40 banks participated in the general syndication, which was oversubscribed by $1.2 billion, including a 36% over-subscription on the $500 million equity bridge loan and a 62% oversubscription on the $1.7 billion non-recourse portion.