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If the $3.7B Howard mentions in his post is the correct amount of debt (and not debt net of cash), it could be that we're getting full face value.


I got the $3.7B debt from the RTT news report… I didn’t check out the real numbers until you got me excited:) about the possibility of receiving a full face value recovery.

Well I started digging, and it turns out that the $3.7B is ONLY the unsecured recourse debt. There is additional debt of $1.393B outstanding (probably mostly the non-recourse stuff).

I’m guessing there are other minor assets to account for, and it all works out close to the 73 that the unsecured bonds are currently trading at.

I sold my small lot at Etrade for 72.6 and I’m holding my larger Fido position for the mandatory conversion. Should be interesting to see what I get. Like you, my cost basis is in the low 70’s and I received a few interest coupons, so not too bad for a defaulted bond.


From Page 51 of Presentation to Senior Unsecured Noteholders - January 9, 2013

Capitalization Summary Source: Company financials

Issue Amt Outstanding (1) Maturity Coupon (2)

Big Sky Wind Vendor Financing 219.4 10/02/14 L + 350 bps
Broken Bow Wind Term Loan 52.0 12/21/27 L + 288 bps
Cedro Hill Wind Term Loan 125.8 12/31/25 L + 300 bps
Crofton Bluffs Term Loan 27.0 12/14/27 L + 288 bps
Laredo Ridge Term Loan 72.2 03/31/26 L + 275 bps
Tapestry Wind Term Loan 211.6 12/21/21 L + 250 bps
Viento Funding II Term Loan 199.6 12/31/20 L + 275 bps
Walnut Creek Energy Construction Loan 319.0 06/30/13 L + 225 bps
WCEP Holdings Construction Loan 51.5 06/30/13 L + 400 bps
American Bituminous Pwr Prtnrs Bonds 46.0 10/01/17 Tax-Exmpt Wkly
High Lonesome Mesa Bonds 69.3 11/01/17 685 bps

Total Project Debt $1,393.4

Senior Unsecured Notes due 2013 500.0 06/15/13 7.50%
Senior Unsecured Notes due 2016 500.0 06/15/16 7.75%
Senior Unsecured Notes due 2017 1,200.0 05/15/17 7.00%
Senior Unsecured Notes due 2019 800.0 05/15/19 7.20%
Senior Unsecured Notes due 2027 700.0 05/15/27 7.63%

Total Recourse Debt $3,700.0

Total Debt $5,093.4

1. Debt balances as of 12/20/12 and exclude letters of credit and working capital facilities; Letter of credit facilities of various project financings amounted to approx. $164.0 million

2. All amounts illustrated based on contractual spread as of 12/20/12, however, term loans are subject to traditional rate step ups. In addition, many floating rate notes are also subject to swap agreements locking in LIBOR rates
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