EFS Cogen launches term loan B repricing at Libor plus 350-375 bps

By Sara Rosenberg

New York, Dec. 5 – EFS Cogen Holdings I LLC (Linden Cogeneration Power Complex) held a lender call at 11 a.m. ET on Monday to launch a repricing of its $1,018,692,351 senior secured first-lien term loan B due June 28, 2023, according to a market source.

Morgan Stanley Senior Funding Inc. and Citigroup Global Markets Inc. are the lead banks on the deal.

The repricing is talked at Libor plus 350 basis points to 375 bps with a 1% Libor floor and a par issue price, the source said.

Included in the repriced loan is 101 soft call protection for six months and amortization of 1% per annum.

The debt has an excess cash flow sweep of the greater of 75% and the amount required to reach Target Debt Balance.

Consents/commitments are due at noon ET on Friday, the source added.

When syndicated in June, the term loan wrapped at pricing of Libor plus 425 bps with a 1% Libor floor.

EFS Cogen is the owner of a natural gas-fired combined-cycle cogeneration project in New Jersey.

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