LS Power Closes Deal for Mirant Assets
ATLANTA (May 1, 2007) Mirant Corporation (NYSE: MIR) announced today that it has completed the sale of six U.S. natural gas-fired plants to Broadway Generating Company, LLC, a member of the LS Power Group. The net proceeds to Mirant from the sale, after paying transaction expenses and retiring $83 million of project-related debt, were $1.306 billion. The following U.S. plants, totaling 3,619 MWs, were sold: Zeeland (903 MW), West Georgia (613 MW), Shady Hills (469 MW), Sugar Creek (561 MW), Bosque (546 MW) and Apex (527 MW).
In accordance with covenants contained in the debt instruments of Mirant North America, LLC, a subsidiary of Mirant Americas Generation, LLC, approximately $524 million of the proceeds from the sale, including those related to the Zeeland and Bosque plants, will be reinvested in the business of Mirant North America, LLC.
About Mirant Corporation
Mirant is a competitive energy company that produces and sells electricity in the United States, the Caribbean and the Philippines. Mirant owns or leases approximately 13,900 megawatts of electric generating capacity globally. The company operates an asset management and energy marketing organization from its headquarters in Atlanta. For more information, please visit http://www.mirant.com.
About LS Power Group
LS Power was founded in 1990 and is a fully integrated development, investment and asset management group of companies focused on the power industry. LS Power maintains offices in New York, New Jersey, Missouri, California, Florida and Massachusetts. www.lspower.com
Mirant Media contact:
Felicia Browder, 678-579-3111
Mirant Investor Relations contacts:
Mary Ann Arico, 678-579-7553
Sarah Stashak, 678-579-6940\