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GE to Participate in Peregrine I

General Electric Co.'s (NYSE: GE) GE Energy Financial Services unit plans to invest $54 million and co-finance the acquisition of The Peregrine I, a ship drilling for oil in deep water off the coast of Brazil. GE Capital Markets is a mandated lead arranger for $259 million in senior debt facilities along with WestLB AG, which will serve as an agent and as another mandated lead arranger. GE Transportation Finance joined with GE Energy Financial Services in underwriting the debt. Mike Mullen Energy Equipment Resources, a Dallas-based offshore assets investor, and Pareto World Wide Offshore, a Norwegian private equity fund, are also investors in Peregrine I.