FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of a Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month(s) of: November 9, 1999
NEWCOURT CREDIT GROUP INC.
Newcourt Centre, 207 Queens Quay West
Suite 700
Toronto, Ontario
Canada, M5J 1A7
[Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.]
Form 20-F / / Form 40-F /X/
[Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the
information to the Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934.]
Yes / / No /X/
[If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b)]
82-
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Date: November 9, 1999
NEWCOURT CREDIT GROUP INC.
/__________________________/
By: Scott J. Moore
Executive Vice President, Legal
and General Counsel and Secretary
News Release
For immediate release
Trading Symbol: NCT Trading Symbol: CPN
Exchange Listings: Toronto Exchange Listing: New York
Montreal Contact: (408) 995-5115
New York Media Relations: Jan Stewart
ext. 1180
Contact: Carolyn Conner Investor Relations: Rick Barraza
(416) 507-5239 ext. 1125
Newcourt Capital Completes US$300 million Lease
Financing for Calpine Corporation
New York, NY, November 9, 1999 - Newcourt Capital and Calpine
Corporation (NYSE: CPN), a leading independent power company, today
announced the closing of a US$52.8 million leveraged lease financing
for the acquisition of the 80 megawatt Calistoga geothermal power
plant located in The Geysers region of Northern California.
This US$52.8 million financing is in addition to the US$247 million
leveraged lease acquisition financing that Newcourt arranged earlier
this year for Calpine's acquisition of 14 geothermal power plants
originally owned by Pacific Gas and Electric Company (PG&E), bringing
the total geothermal capacity financed to over 800 megawatts.
"We were looking for a financing partner with the expertise and
financial strength to provide the capital for these very attractive
acquisitions and the ability to close the transaction on an
accelerated basis," said Robert Kelly, senior vice president - finance
of Calpine. "Newcourt's project finance team structured a unique
financing solution that will provide us with the flexibility to
maximize the operations and value of our geothermal facilities. They
understand our industry and their strong relationships with the U.S.
institutional investors meant that they had direct access to major
funding sources."
"Deregulation in the industry has created significant opportunities
for leading independent power companies like Calpine, who know what it
takes to win the business and who offer efficient and competitive
alternative energy sources," commented Guy Piazza, Senior Director of
Newcourt Capital's Project Finance Group. "We are excited to have had
these opportunities to work with Calpine and look forward to the next
one."
"This transaction cements Newcourt Capital's leadership position in
power project finance and positions us well to compete in the changing
energy sector," said David McKerroll, President of Newcourt Capital.
"Partnering with industry leaders like Calpine to provide creative
structures, we continue to build a leadership position in the sector."
Newcourt Capital structured, arranged and fully underwrote both
transactions as leveraged leases. The first transaction comprised
US$209 million in senior debt and US$38 million in lease equity. The
lease term is 24 years and has a credit rating of BBB-, reflecting the
credit strength of The Geysers geothermal projects. The more recent
transaction comprised US$40 million in senior debt and US$12.8 million
in lease equity. Lease term is 23 years and is backed by a power
purchase contract from PG&E.
The project debt for both transactions was funded through the Newcourt
Capital Project Finance Fund, a US$500 million fund involving major
U.S. insurance companies such as John Hancock, CIGNA and New York
Life.
Calpine is the largest producer of geothermal energy in the world.
Today, Calpine owns and operates 19 geothermal plants that use steam
from beneath the earth to generate 880 megawatts of electricity. More
than 90% of The Geysers geothermal resources are now consolidated
under Calpine's control, creating significant cost efficiencies in
energy production. Geothermal power is very desirable because it is a
renewable resource, meeting electric power customers' needs for
environmentally friendly "green" power.
Based in San Jose, California, Calpine Corporation is a leading
independent power company dedicated to providing customers with clean,
reliable and competitively priced electricity. Calpine currently has
approximately 10,800 megawatts of capacity in operation, under
construction or in announced development in 15 states - enough energy
to power nearly 11 million households. The company was founded in
1984 and is publicly traded on the New York Stock Exchange under the
symbol CPN. For more information on Calpine, visit its web site at
www.calpine.com.
Newcourt Capital is the corporate finance business of Newcourt Credit
Group, one of the world's leading sources of asset-based financing
serving the corporate and commercial markets with a global capability
in 26 countries. Newcourt recently announced that it is joining The
CIT Group (NYSE: CIT) to create the largest publicly owned commercial
finance company with over US$50 billion in managed financial assets.
The transaction has received regulatory and shareholder approval and
is expected to close on November 15, 1999.
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