ExGen Renewables finalizes $750 million term loan at 99.5 OID

By Sara Rosenberg

New York, Dec. 11 – ExGen Renewables IV, LLC firmed the original issue discount on its $750 million seven-year senior secured term loan B (Ba3/BB-) at 99.5, the tight end of revised talk of 99 to 99.5 and tight of initial talk of 99, according to a market source.

Pricing on the term loan is Libor plus 275 basis points with a 1% Libor floor.

The term loan has 101 soft call protection for six months, a debt service coverage ratio covenant of 1.1x, a six-month debt service reserve account, and a liquidity reserve of $25 million funded at closing that can also be satisfied with a letter of credit or parent guarantee.

Earlier in syndication, the spread on the term loan was lowered from Libor plus 300 bps.

Jefferies LLC is the lead arranger on the green loan.

Proceeds will be used to refinance existing debt and fund various reserves. The company will distribute any remaining proceeds to Exelon Corp. to be used for general corporate purposes.

ExGen Renewables is a Chicago-based owner of renewable generation projects in the United States indirectly owned by Exelon.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.