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Moxie Liberty ups funded term loan size, trims delayed-draw amount
By Sara Rosenberg
New York, Aug. 16 - Moxie Liberty upsized its funded term loan to $435 million from $358 million and downsized its delayed-draw term loan to $150 million from $200 million, according to a market source.
Pricing on the seven-year term loans remained at Libor plus 650 basis points with a 1% Libor floor and an original issue discount of 99, and the debt is still non-callable for 2½ years, then at 102 for one year and at 101 for another year.
A debt service coverage covenant post completion is included in the term debt.
Also, there is a six-month debt service reserve and a six-month major maintenance reserve.
Goldman Sachs Bank USA, Credit Suisse Securities (USA) LLC, Ares Capital and Union Bank are leading the now $585 million, up from $558 million, deal.
Proceeds will be used to help fund the construction of the 829-megawatt natural gas fired power plant owned by Panda Power Funds.
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