Midwest Generation gets $500 million amended and restated revolver

By Sara Rosenberg

New York, July 2 - Midwest Generation, LLC closed on a $500 million amended and restated revolving credit facility due 2012, according to an 8-K filed with the Securities and Exchange Commission on Monday.

JPMorgan is the administrative agent on the deal, which was completed on June 29.

Pricing on the revolver is Libor plus 55 basis points.

The revolver has up to two years in extension options.

The facility replaces the company's previous $500 million revolver due 2011 that was priced at Libor plus 150 bps.

Also, as part of the refinancing, the company's financial covenants were modified, with its debt to capitalization ratio to be no greater than 0.60 to 1.

Midwest Generation is a Chicago-based seller of wholesale electricity to markets in the Midwest.

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