Midwest Generation in-market with $345 million term loan repricing

By Sara Rosenberg

New York, March 31 - Midwest Generation LLC is in-market with what is basically a repricing of its $345 million six-year term loan B, according to a syndicate document.

Citibank and Credit Suisse First Boston are the joint lead arrangers on the deal, with Citibank the left lead.

The term loan, which launched via a conference call Wednesday, is being repriced lower at Libor plus 200 basis points, the document said.

Midwest Generation came to market at the start of this month with a $250 million five-year revolving credit facility that was only offered to private lenders. The revolver priced at Libor plus 225 basis points with a 50 basis point commitment fee.

At close, the company planned on drawing down approximately all $250 million under the revolver and using $50 million of cash on hand to repay about $300 million of term loan B debt. After the paydown, the Chicago electric company's term loan B ends up with a size of $345 million.

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