Alinta lifts spread on $1.17 billion term loans to Libor plus 525 bps

By Sara Rosenberg

New York, July 31 - Alinta Energy Finance Pty Ltd. raised pricing on its $1.17 billion of senior secured covenant-light term loans to Libor plus 525 basis points from talk of Libor plus 425 bps to 450 bps, according to a market source.

Also, the original issue discount on the loan was changed to 97 from 98½ and there is now soft call protection of 102 in year one and 101 in year two, instead of just 101 soft call protection for one year, the source said.

Furthermore, the maturity on the term loans was shortened to six years from seven years.

As before, the term loans have a 1% Libor floor.

The term debt includes a $1.1 billion funded tranche and a $70 million delayed-draw tranche.

In addition to the term loans, the company plans on getting an A$240 million five-year revolver.

Recommitments are due at noon ET on Friday, the source added.

Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., BNP Paribas Securities Corp., Goldman Sachs Bank USA and Macquarie Capital are the lead banks on the deal (B1/B+).

Proceeds will be used to refinance existing debt.

Alinta is a Melbourne, Australia-based power company.

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