Longview Power talks $250 million term B at Libor plus 625-650 bps

By Sara Rosenberg

New York, March 26 – Longview Power LLC released talk on its $250 million six-year term loan B at Libor plus 625 basis points to 650 bps with a 1% Libor floor and an original issue discount of 98, according to a market source.

The term loan B has 101 soft call protection for one year and amortization of 1% per annum, the source said.

Also included in the deal is a 100% excess cash flow sweep.

Along with the term loan B, the $275 million senior secured credit facility (B2/BB-) provides for a $25 million five-year revolver.

Morgan Stanley Senior Funding Inc. and KKR Capital Markets are the leads on the deal that launched with a bank meeting on Wednesday.

Commitments are due on April 8, the source added.

Proceeds will be used as exit financing to provide for distributions under the company’s reorganization plan, to complete repairs to the Longview Power Facility and for working capital.

Longview Power is a Maidsville, W.Va.-based integrated power generation enterprise. The company filed for bankruptcy on Aug. 30, 2013. The Chapter 11 case number is 13-12211.

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