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Linden Cogeneration to launch $925 million credit facility on Monday
By Sara Rosenberg
New York, Oct. 31 - Linden Cogeneration Power Complex (EFS Cogen Holdings I LLC) is scheduled to hold a bank meeting on Monday with a 1 p.m. ET registration time to launch a $925 million senior secured credit facility, according to a market source.
Barclays, Citigroup Global Markets Inc. and Bank of Tokyo-Mitsubishi are the lead arrangers on the deal.
The facility consists of a $100 million five-year revolver and an $825 million seven-year term loan B, the source said.
Proceeds will be used to refinance existing debt, to make a distribution to GE in connection with the acquisition of a 50% interest in the borrower by Highstar, to support project-level letter-of-credit requirements, to fund the debt service reserve account and to pay related fees and expenses.
Total leverage is 4 times, the source added.
Linden is a 942MW cogeneration facility located in Linden, N.J.
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