GE Backs Bobcat

GE Energy Financial Services has paid $65 million to acquire a preferred equity interest in the Bobcat underground salt dome storage project in < ?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" />Louisiana from Haddington Energy Partners. GE will have a one-time option to convert its preferred interest to 50% common ownership within 90 days of the commencement of the project’s commercial operations. RBS Securities advised Haddington Energy Partners on the sale, and also is arranging $185 million in senior secured credit facilities to be used for the construction, development and long-term financing.