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Technology Stocks : Blank Check IPOs (SPACS)

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From: jrhana	5/12/2008 10:30:48 AM
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GSC Acquisition to buy Complete Energy in $1.3 billion deal marketwatch.com By Steve Goldstein Last update: 7:42 a.m. EDT May 12, 2008Print RSS Disable Live Quotes LONDON (MarketWatch) -- Complete Energy, the owner and operator of two natural gas-fired combined cycle power generation facilities, is going public through a deal to merge with special purpose acquisition company GSC Acquisition Company (GGA:gsc acquisition company com News, chart, profile, more Last: 9.35+0.13+1.41% GSCAC will issue $440 million of new equity to Complete Energy's current owners and other holders of debt and equity of Complete Energy subsidiaries. It will also assume approximately $627 million of net project-level debt, and retire other debt and pay transaction expenses of approximately $183 million, and a GSCAC subsidiary will also issue a $50 million mezzanine note. The terms also provide for the issuance of five million additional GSCAC shares to the current owners and stakeholders of Complete Energy and its subsidiaries if GSCAC's stock price reaches $14.50, and five million additional shares if GSCAC's stock price reaches $15.50 per share within five years. Investment funds affiliated with TCW are expected to become GSCAC's largest shareholders, with approximately 19% ownership; GSCAC's existing shareholders are expected to collectively own approximately 42% of GSCAC; and the current owners of Complete Energy are expected to own approximately 10% of GSCAC.

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