Generation Bridge to launch $950 million credit facilities on Tuesday

By Sara Rosenberg

New York, July 24 – Generation Bridge Northeast LLC is set to hold a lender call at 2 p.m. ET on Tuesday to launch $950 million of credit facilities, according to a market source.

Jefferies LLC, MUFG, Goldman Sachs Bank USA, BMO Capital Markets, Investec and ArcLight Capital Partners are the bookrunners on the deal.

The facilities consist of a $100 million five-year revolver and an $850 million six-year senior secured term loan B, the source said.

The term loan has 101 soft call protection for six months and a debt service coverage ratio covenant.

Expected term loan ratings are Ba2/BB.

Proceeds from the term loan will be used to repay all outstanding debt at Generation Bridge II LLC and to fund a distribution, and the revolver will be used for working capital and letters of credit.

Generation Bridge is an owner of power generation facilities, and is being formed through the combination by ArcLight Capital Partners of two portfolio companies, Generation Bridge LLC and Generation Bridge II LLC.

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