KAMYAR   JABBARI

 

e-mail: kjabbari@aol.com

 

Stuart School of Business	Home
565 W. Adams	6108 N. Kirkwood
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August 1996                 Stuart School of Business- Illinois Institute of Technology- Chicago,  Illinois

Present                   Lecturer in Finance at the MBA level courses.   Lecture topics include courses in core and advanced corporate finance, international finance, and managing financial institutions.

 

University of Chicago Graham School of Continuing Studies- Chicago, Illinois

                                Lecturer in corporate finance, capital budgeting, real options, co-lecturer for courses in marketing financial products, international marketing, and retailing for non-degree continuing education.

 

                                Amsterdam Institute of Finance- Amsterdam, the Netherlands

                                New York Institute of Finance- Singapore

                                Lecturer  in project finance training course.  The training institutes provide advanced continuing education in finance areas to participants from a number of industries and countries.  I have also offered in-house training courses in project finance for major banks and other interested entities.

 

                                Consultant in Project Finance

                                Consulting in a variety of project finance related activities, such as financial advisory, transactional support, expert witnessing, and arbitration.   In May 1997, represented a large financial institution in its role as one of the arranging and underwriting banks in the A$4.7 billion acquisition financing of the Loy Yang A coal fired station in the State of Victoria, Australia.  The project was, at the time,  the largest project financing in the world without governmental support.

 

                                Consultant in Corporate Finance

                                Consulting in areas of valuation, product pricing, merger and acquisition considerations, real options pricing development and corporate investment and capital budgeting in industries including  aviation, environmental mitigation, medical devices, and electrical equipment, among others.

 

1979  to 1996         First Chicago NBD- The First National Bank of Chicago and First Chicago Capital Markets, Inc.

 

1984 to 1996          Project Finance

                                Vice President/Senior Banker of the project finance team with responsibility for providing financial advisory services, as well as marketing, underwriting and monitoring of non-recourse loans.  The primary focus was in the independent power,  waste-to-energy, and pipeline construction sectors with growing emphasis in industrial and international sectors.  The financing arranged in the bank and private placement markets provided for up to 22 years and for amounts as large as $750 million.  Some of the deal highlights are summarized in the attachments.

 

 

 

 

                                Electric and Gas Utilities

                                In addition to project finance responsibilities, supervised account management of some utility accounts (electric, gas distributions, gas pipelines, and public power entities) in Southeast region of the U.S.  (See deal summary)

 

1979-1984               International Banking Department

                                Following a variety of assignments, served in the Sovereign Credit Management group, representing the bank in the renegotiations of its Third World debt and implementation of exposure reduction techniques (sale, swaps, conversion to equity).

Education

 

June 1979               University of Chicago - Chicago, Illinois

                                Masters degree in Business Administration with specialization in corporate and international finance.

 

June 1976               Towson  State University - Baltimore, Maryland

                                Bachelor  of Science in Economics, Cum Laude.

 

Other                     Securities Registration Series 7 and 63.

 

                                Received the first Relationship Manager of the Year award at First Chicago (1988) for superior cross-selling skills (from Cash Management to advisory and M&A as well as credit services to a wide range of customers).  Nominated for the same award in 1990.

 

                                Member of the Board of Governors of International House of Chicago (an affiliate board to the University of Chicago) since 1986. 

 

                                Born May 1954.  Married with one child.  Naturalized citizen of the United States.

 

Deal Summary

 

Financial Advisory in Corporate Finance

 

                Have worked with clients in product development, pricing, joint venturing, and possible private sale or initial public offerings.  In many cases the work has included in house training of staff in various financial, marketing, and strategic considerations of new products and ventures.  Clients include a company serving the mutual fund investors, a freight cargo airline, an environmental remediation business, and a non-profit research think tank.  Introduction of option pricing models and binomial decision tree approaches in making investments and valuing new products in medical fields.

 

Litigation Consulting

 

                Retained as expert witness in litigation related to financing of a coal fired project in Guangdong, Peoples’ Republic of China.  Retained as expert witness in arbitration of damage claims on a canceled independent power production station in the United States as to the financial assumptions, leverage potentials, and expected rate of return to developers.

 

Financial Advisory in Project Finance

 

                Restructuring Advisory to Utilities: Served as advisor Duke Power Company and Virginia Electric in their respective negotiations for buying out or restructuring the power purchase contracts with independent power developers on their system.

 

                Arranging Financing: Acted as financial advisor on two coal-fired cogeneration facilities in Virginia developed by Duke Energy & Transco Energy (now American National Power).  Worked with clients on all development and contractual aspects, prepared the offering and arranged the construction and the 22 year term loan financing from a combination of commercial banks, institutional lenders and tax-exempt financing amounting to $335 million. 

 

                Acquisition of Projects and Greenfield Development: Have represented a number of utility affiliates in their efforts to either develop or purchase independent power projects, and the equity-related issues.  Among them: NRG Energy (Northern States Power), and PSI Investments (now part of Cinergy) and as the project finance member of the advisory team of First Chicago to the lessor investor group in Vidalia Hydroelectric Project (in Louisiana).

 

                Assistance to Utilities in selecting Independent Power Options, build versus buy: including Public Service of Indiana, and Indianapolis Power & Light.

 

Selected Project Finance Underwriting and Lending

 

                Loy Yang A (Australia): Represented an underwriting/arranging bank in this $5 billion privatization sale of a lignite fired coal station in the Victoria State.  The project was, at the time, the largest project financing in the world without governmental support. 

 

                Midland Cogeneration Venture:  (1988) Acted as agent for the four underwriting banks and ultimately the 28 participating banks in the $650 million construction and term loan for conversion of Midland from nuclear to gas-fired cogeneration facility.  Acted as co-agent in the first refinancing of the project as part of a sale/leaseback transaction in 1990.

 

                Pacific Gas Transmission (PGT): Organized the partnership of the top four gas pipeline project financing banks in the U.S. that bid and won the $750 million financing.  Acted as the regulatory and gas market agent bank in the process of due diligence, closing, and syndicating the credit facility.  The project was refinanced with public bonds in 1995 and I was able to arrange for First Chicago to act as one of the underwriters and selling agents of the bonds.

 

                Encogen Northwest (developed by Enserch): Acted as the agent for a group of three commercial banks, one institutional lender and a finance company as subordinated lender in the 100% debt financing of this gas-fired cogeneration plant in Puget Power & Light's territory.

 

                Iroquois Gas Transmission System, L.P.:  (1991) Represented First Chicago as one of the co-agents and underwriters for this $700 million natural gas pipeline between Canadian border and Long Island, N.Y.  First Chicago has the one of the largest lending and swap counterparty positions with this company.

 

 

International Project Finance

 

                Wuhu Power: Advised CCIC (an affiliate of First Chicago, Bank of China, and IBJ) in agenting a seven year financing of a 65 megawatts coal fired plant in the Anhui region of China.  The deal closed in 1996.

 

                P.T. Paiton Energy: Participated as Arranger for financing of this power station in Indonesia sponsored by Mission Energy, GE Credit, and Mitsui.  The $1.9 billion debt package consists of tranches funded, provided and/or insured by commercial banks (14%), USEXIM (28%), JEXIM (28%), OPIC (11%), and finally a portion funded by banks and political risk insured by Japanese MITI (19%).

 

                P.T. Punchak  Jaya Power: Participated as Lead Manager for financing of the power generation stations serving the Irian Jaya gold and copper mine in Indonesia.  The borrower is a partnership of Duke Energy, Freeport McMoRan, and West Coast Energy.  The deal closed in 1994

 

                P.T. ALatief P&O Port Development Corporation:  Participated as Lead Manager in the financing of the port facility serving the Irian Jaya mine in Indonesia.  The borrower is a partnership between Peninsula and Orient Australia and ALatief (local partner). 

 

                Inteplast Corporation: Participated as Senior Manager in the financing of an integrated plastics conversion project in Lolita, Texas.  The borrower is supported through a through put and off take agreement by  Nan Ya Plastics of Taiwan, in turn wholly owned by Formosa Plastics.

 

                Humber Power Project:  Participated in the construction and term loan project financing for this gas fired combined cycle electric power station in U.K.  The sponsors of the plant are ABB,  Midlands Electricity, Tomen, and IVO (a Finnish utility).

 

Corporate Financing Highlights

 

                Virginia Power:  Bid and won a mandate for purchase of $300 million accounts receivable from the utility company.  Duke Power Company:  Uptiered to be one of two principal banks and obtained agency role for a $130 million corporate revolver, and a $160 million revolver for the unregulated businesses.  Municipal Electric Authority of Georgia (MEAG):  Uptiered substantially and increased bond underwriting business.  FPL Group (Florida Power & Light):  Uptiered and arranged for lessor advisory role and created fee income from placing a car manufacturing plant in their leasing portfolio.

 

Lectures/ Publications

 

                Presentation to the Department of Energy’s conference on Advance Pressurized Fluidized bed Combustion Combined Cycle workshop: Coal Fired Project Development and Financial Issues.  October 1998

 

                Presentation to the Midwest Cogeneration Association: Financing Options for Independent Power Generation in the Brave New United States.  September 1998

 

                Presentation to the 7th Annual Trade Fair (Gas Mart) in Kansas City : Meeting the Needs of the Electric Generation.  April 1993

                                               

                Interviewed on the prospects of gas fired cogeneration in the electric production sector in Oil and Gas Investor: A Special Report.  May 1992

                                               

                Joint Presentation to Illinois Economic Association:  Independent Power Producers/Cogenerators: the Wave of the Future.  October 1990

 

Presentation to Northwest Electric Light & Power Association  (NELPA) Annual Meeting:  Is Independent Power Production the Key to the Future of the Electric Industry?  June 1990

 

                Infocast Project Finance Conference Lecture:  Understanding Project Structuring:  Tax and Accounting Issues.  May 1990

 

Infocast Project Finance Conference Lecture:  Do's and Don'ts  of Project Finance.  November 1989