FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of a Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month(s) of: August 31, 1998
NEWCOURT CREDIT GROUP INC.
BCE Place, 181 Bay Street
Suite 3500, P.O. Box 827
Toronto, Ontario
Canada, M5J 2T3
[Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.]
Form 20-F / / Form 40-F /X/
[Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the
information to the Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934.]
Yes / / No /X/
[If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b)]
82-
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Date: August 31, 1998
NEWCOURT CREDIT GROUP INC.
By: John P. Stevenson
Corporate Secretary
News Release
For immediate release
Trading Symbol: NCT Contact:Robyn Matsumoto
Exchange Listings: Toronto Corporate Communications
Montreal (416) 594-2400
New York
Newcourt Capital underwrites US$112.5
million to finance purchase
of Boston-area energy plant by Advanced
Energy Systems, Inc.
New York, New York, August 31, 1998 - Newcourt
Capital today announced that it has underwritten
a US$112.5 million senior term loan facility to
support the purchase of Medical Area Total
Energy Plant, Inc. (MATEP) by Advanced Energy
Systems, Inc., a subsidiary of Commonwealth
Energy System (NYSE:CES).
Purchased June 1, 1998 from the President and
Fellows of Harvard College for US$147 million,
MATEP is the largest non-utility energy system in
New England.
MATEP is a dual-fueled, multi-asset, co-
generation facility located in Boston's Longwood
Medical Area. It is the primary supplier of
electricity, steam and chilled water to three of
Harvard's professional schools, as well as five
neighboring renowned teaching hospitals -
Children's Hospital Medical Center, Dana Farber
Cancer Institute, Brigham and Women's Hospital,
Beth Israel Deaconess Medical Center, and Joslin
Diabetes Center.
"Advanced Energy Systems was looking for true
non-recourse project financing," said Daniel
Morash, Managing Director of Newcourt Capital's
Global Project Finance Unit. "We designed a
long-term financing structure that was attractive
not only to our customer, but also to our funding
partners, Pacific Life Insurance Company and
Mutual of Omaha Life Insurance Company."
The financing took the form of 23-year term notes
issued by MATEP on August 26, 1998, and is
secured by long-term contracts between the energy
plant and its customers.
<PAGE>
"We were looking for a financing partner that
could provide a tailored structure in a short
timeframe, and that offered direct access to
long-term funds," said Leonard Devanna,
President, Advanced Energy Systems, Inc.
"Newcourt provided a solution that more than met
our objectives and gave us access to leading
institutional investors."
"This project further develops Newcourt Capital's
presence in the US energy sector, a key market
for our Global Project Finance Unit," commented
David McKerroll, President, Newcourt Capital.
"Advanced Energy Systems is the kind of forward-
looking, innovative company we seek to partner
with. MATEP represents the energy service model
for the future, and the quality of its customers
will ensure the long-term viability of this
project."
Commonwealth Energy System, based in Cambridge,
Massachusetts, is a US$1 billion holding company
with subsidiaries including Advanced Energy
Systems, COM/Electric, COM/Gas, COM/Energy Steam,
COM/Energy Marketing, and COM/Energy
Technologies. Advanced Energy Systems, Inc. is an
unregulated subsidiary of Commonwealth Energy
System and is now the largest non-utility total
energy provider in New England.
Newcourt Capital is a leader in corporate
finance, providing specialized asset-based
financing to the corporate, government and
institutional markets for capital acquisitions
and infrastructure development. Newcourt Capital,
together with Newcourt Financial and Newcourt
Services forms Newcourt Credit Group, one of the
world's leading sources of asset-based financing
with owned and managed assets of US$23.1 billion
(Cdn$34.0 billion) and a global capability in 24
countries.
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