Mackinaw Power to launch $143 million term loan on Monday

By Sara Rosenberg

New York, May 17 - Mackinaw Power Holdings LLC is scheduled to hold a bank meeting on Monday to launch its proposed $143 million term loan, according to a market source.

Lehman and Citigroup are the lead banks on the deal, with Lehman the left lead.

Proceeds from the term loan will be used to help fund ArcLight Capital Partners, LLC's acquisition of Progress Energy's natural gas-fired generation assets in Georgia.

The assets include Effingham County Power, LLC, Monroe Power Co. Generating, LLC, Walton County Power, LLC and Washington County Power, LLC, and certain power-supply contracts.

Other financing for the transaction will come from senior notes that will be issued by a different borrower and will be more along the lines of investment grade.

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