Southern Pines Energy to launch $235 million credit facility Wednesday

By Sara Rosenberg

New York, Feb. 26 - Southern Pines Energy Center is scheduled to hold a bank meeting on Wednesday to launch its proposed $235 million credit facility (B1/BB-), according to a market source.

SunTrust is the lead bank on the deal.

The facility consists of a $75 million revolving credit facility and a $160 million term loan B, with both tranches talked at Libor plus 225 basis points, the source said.

Proceeds will be used to refinance existing construction debt.

Southern Pines is a salt dome gas storage facility in Greene County, Miss.

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