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Mirant up to $1.5 billion exit facility to be December business
By Sara Rosenberg
New York, Nov. 23 - Mirant Corp.'s up to $1.5 billion exit financing credit facility is expected to launch sometime in December, according to a market source.
JP Morgan, Deutsche Bank and Goldman Sachs are the lead banks on the deal, with JPMorgan the left lead.
As approved by the bankruptcy court months ago, the facility is expected to consist of a $1 billion six-year senior secured revolver at Libor plus 200 basis points if the deal is rated Ba3 or BB- or higher and Libor plus 225 bps if its rated B1 or B+ or lower, and an up to $500 million seven-year term loan at Libor plus 175 bps if rated Ba3 or BB- or higher and Libor plus 200 bps if rated B1 or B+ or lower.
The company has also received a commitment for a 12-month bridge facility of no less than $850 million at Libor plus 450 bps for the first three months, with 50 bps increases in price every three months thereafter.
Proceeds will be used to fund intercompany restructuring transactions and help pay claims against the consolidated Mirant Americas Generation LLC debtors.
Mirant is an Atlanta-based power company
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