Alinta ups spread on $1.17 billion term loans to Libor plus 537.5 bps

By Sara Rosenberg

New York, Aug. 5 - Alinta Energy Finance Pty Ltd. increased pricing on its $1.17 billion of senior secured six-year covenant-light term loans to Libor plus 537.5 basis points from revised talk of Libor plus 525 bps and initial talk of Libor plus 425 bps to 450 bps, according to a market source.

Also, the original issue discount was changed to 95 from revised talk of 97 and initial talk of 981/2, the source said.

The term debt still has a 1% Libor floor and soft call protection of 102 in year one and 101 in year two.

At the time of the first pricing flex, the call protection was sweetened from a 101 soft call for one year and the maturity was shortened from seven years.

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 Tuesday, 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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