Generation Bridge to launch $490 million of term loans on Thursday

By Sara Rosenberg

New York, July 21 – Generation Bridge LLC is scheduled to hold a lender call at 10 a.m. ET on Thursday to launch $490 million of senior secured term loans, according to a market source.

Credit Suisse Securities (USA) LLC, Credit Agricole and Investec are the arrangers on the deal.

The debt consists of a $480 million seven-year term loan B and a $10 million seven-year term loan C, the source said.

Price talk on both term loans is Libor plus 500 basis points with a 0.75% Libor floor and an original issue discount of 98, the source continued.

The term loans have 101 soft call protection for six months, a minimum debt service coverage ratio covenant of 1.1x, and a ticking fee of half the spread from days 46 to 90 and the full spread thereafter.

Commitments are due at noon ET on Aug. 5, the source added.

Proceeds will be used to fund the acquisition of power generation facilities from NRG Energy Inc.

Generation Bridge, a wholly owned subsidiary of ArcLight Energy Partners Fund VII LP, is an operator of power generation facilities.

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