S&P: Mackinaw Power still on watch

The B+ rating on Mackinaw Power Holdings LLC’s $147 million senior-secured term loan due 2015 remains on CreditWatch with negative implications, where it was placed in September following the changes to the project finance criteria.

Parent company Southeast PowerGen LLC has proposed to issue a $550.5 million senior-secured term loan B and plans to use part of the proceeds to fully repay a senior-secured term loan at Mackinaw Power Holdings LLC.

The agency said it will resolve the CreditWatch status and likely withdraw the rating on the holding company once the senior secured term loan is fully repaid.

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