By Stephanie N. Rotondo
Portland, Ore., Dec. 19 - Legacy Renewables LLC announced Friday it has issued $202 million of limited-recourse senior secured bonds.
The 7.5% notes are due Dec. 19, 2013. The principal partially amortizes and then has a balloon payment of $120.4 million at maturity, according to an 8-K filed with the Securities and Exchange Commission.
The indirect wholly-owned subsidiary of FPL Energy LLP will use proceeds from the transaction to partially reimburse FPL Energy's capital contribution for the development, acquisition and/or construction of wind power assets in California, Pennsylvania and Texas.
The wind power assets, along with certain other assets of Legacy, secure the notes.
The notes carry the customary covenants.
Legacy Renewables is part of FPL Group, a Florida-based energy provider.
| Issuer: | Legacy Renewables LLC
|
| Security description: | Limited-recourse senior secured bonds
|
| Amount: | $202 million
|
| Coupon: | 7.5%
|
| Maturity: | Dec. 19, 2013
|
| Distribution: | Private placement
|
| Settlement date: | Dec. 19
|
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