GWF Energy flexes $173.5 million term loan to Libor plus 475 bps

By Sara Rosenberg

New York, Nov. 20 - GWF Energy Holdings raised pricing on its $173.5 million six-year term loan to Libor plus 475 basis points from talk of Libor plus 425 bps to 450 bps, according to a market source.

Also, the original issue discount on the term loan widened to 97½ from 99, the source said.

The term loan still has a 1.25% Libor floor and 101 soft call protection for one year.

The company's $202.9 million senior secured credit facility (Ba2/BB) also includes a $5 million five-year revolver and a $24.4 million five-year letter-of-credit facility.

Commitments are due at 5 p.m. ET on Monday, the source added.

Barclays and Union Bank are the joint lead arrangers on the deal.

Proceeds will be used to help fund the acquisition of three gas fired power plants in California from Harbert Power.

GWF is an affiliate of Highstar Capital.

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