Great Point Power launches repricing of $220 million term loan

By Sara Rosenberg

New York, Feb. 25 - Great Point Power LLC held a lender call on Friday to launch a repricing/refinancing of its $220 million term loan, according to sources.

Barclays is the lead bank on the repricing.

The term loan is being talked at Libor plus 300 basis points to 325 bps with a 1% Libor floor and a par offer price, sources said.

By comparison, when it was obtained early last year, the loan cleared at Libor plus 350 bps with a 2% Libor floor, and it was sold at an original issue discount of 99.

Proceeds from the original loan were used to fund the acquisition of four power generation plants and a stake in the Neptune transmission facility from Energy Investors Funds.

Great Point Power is a portfolio company of ArcLight Capital Partners LLC.

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