Generation Bridge talks $850 million term B at SOFR plus 425-450 bps

By Sara Rosenberg

New York, July 25 – Generation Bridge Northeast LLC launched on Tuesday its $850 million six-year senior secured term loan B with price talk of SOFR+10 basis points CSA plus 425 bps to 450 bps with a 0% floor and an original issue discount of 98, according to a market source.

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

The company’s $950 million of credit facilities (Ba2) also include a $100 million five-year revolver.

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

Commitments are due at noon ET on Aug. 3, the source added.

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

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