Longview Power to launch $1.1 billion credit facility Thursday

By Sara Rosenberg

New York, Feb. 6 - Longview Power, LLC is scheduled to hold a bank meeting on Thursday afternoon in New York to launch its proposed $1.1 billion credit facility, according to a market source.

Goldman Sachs and WestLB are the lead banks on the deal, with Goldman the left lead.

The facility consists of a $100 million revolver, a $250 million construction term loan, a $100 million synthetic letter-of-credit facility, a $350 million delayed-draw term loan and a $300 million term loan B, the source said.

Ratings are expected in the low BBs.

Proceeds will be used to fund the construction of the Longview 769 megawatt supercritical, pulverized coal-fired generating facility located in Maidsville, W. Va.

The power plant will have a five-year power and capacity purchase agreement with PPL.

First Reserve Corp. is the financial sponsor.

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