July 29, 2008
Vulcan Power Company and Denham Capital have announced that Denham will invest $145 million in newly issued preferred equity securities of Vulcan. In addition, Merrill Lynch Commodity Partners, a principal investment fund of Merrill Lynch, will convert its outstanding notes into Vulcan preferred equity. Vulcan owns one of the largest geothermal property portfolios in the United States including properties in California, Nevada, Oregon, and Arizona. Denham Capital is a global private equity firm. Latham & Watkins represents Vulcan Power Company in this transaction with a deal team led by New York corporate partner Antonio Del Pino and Los Angeles finance partner Jeffrey Greenberg together with foreign intern Steve Johns and New York associates Kirsten Orr and Maria Harris. Advice was also provided by New York tax partner Jed Brickner, Chicago tax partner Joseph Kronsnoble with Chicago tax associate Valdir Barbosa; New York employee benefits and compensation partner John Shyer; New York environment, land and resources counsel David Langer; and New York real estate counsel Betsy Mukamal.