Lackawanna Energy to launch $475 million of term loans on Wednesday

By Sara Rosenberg

New York, June 30 – Lackawanna Energy Center LLC is scheduled to hold a lender call at 2 p.m. ET on Wednesday to launch a $380 million six-year term loan B-2 and a $95 million six-year term loan C that will be sold as a strip, according to a market source.

The company’s $945 million of senior secured credit facilities also include a $120 million revolver and a $350 million privately placed fixed-rate term loan B-1, the source said.

Morgan Stanley Senior Funding Inc. is the left lead arranger on the deal.

Proceeds will be used to refinance existing debt, and the term loan C will cash-collateralize letters of credit.

Lackawanna is a 1,483MW combined-cycle natural gas-fired power plant located in Jessup, Pa., in the MAAC sub-region of PJM. The project was developed by Invenergy and has a partnership with Blackrock Global Infrastructure Funds.

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