S&P rates Longview Power loan BB-

Standard & Poor's said it assigned its preliminary BB- rating and 1 recovery rating to the proposed $1.1 billion senior secured first-lien credit facilities for Longview Power LLC.

The outlook is stable.

The agency noted that the credit facilities consist of a $300 million funded term B facility, a $350 million delayed draw facility, a $250 million construction facility with term conversion, a $100 million revolving credit facility and a $100 million synthetic LOC facility.

The proceeds will be used for the construction of a single-unit 695 MW supercritical, pulverized coal-fired electric generating facility in PJM-West, located in Monongalia County, W.Va., the agency said, adding that the term facilities mature in 2014 with the exception of the revolving credit facility, which matures in 2013 and have a mandatory amortization of 1% of principal each year during their term.

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