Calyon acted as Mandated Lead Arranger of a USD 2.7 billion financing for the acquisition of a portfolio of three power plants in the Philippines by Tokyo Electric Power Company, Incorporated and Marubeni Corporation. The financing was arranged in two steps: first a one-year uncovered bridge loan, followed by a USD 2.7 billion take-out term loan. the take-out facility comprised of a USD 1,620 million direct loan by Japan Bank for International Cooperation (JBIC) and a USD 1,080 million commercial bank facility supported by an extended political risk guarantee by JBIC. Three other Mandated Lead Arrangers co-arranged the bridge loan with Calyon, and one more joined the take-out term loan. The original four banks kept the bridge loan entirely to themselves, while closely working on the take-out term loan, which in turn was syndicated and largely over-subscribed. The Tokyo Electric Power Company, Incorporated is one of the world's largest electricity utility and Marubeni Corporation is a leading Japanese trading house. The portfolio was sold by Mirant Corporation in a competitive bidding process. This transaction was the largest commercial loan in the Philippines ever, and the largest power assets acquisition in Asia.