By Kenneth Lim
Boston, May 18 - Heartland Wind II, LLC placed $343 million of a floating-rate secured term loan due May 2017, according to a press release.
The limited recourse loan will be secured by liens on 298.5 megawatts of wind farm projects in North Dakota and Iowa.
Proceeds will be used to partly reimburse capital contributions made by Heartland parent NextEra Energy Resources, LLC to build the wind farms and associated transmission lines.
Heartland and NextEra are ultimately controlled by FPL Group, a Juno Beach, Fla.-based provider of electricity-related services.
"We are very pleased that our wind projects continue to meet the market test by attracting external financing," FPL chief financial officer Armando Pimentel said in a statement. "While markets remain challenged, the strong response by a broad group of banks provides further validation to our model of building quality projects supported by sound economics."
| Issuer: | Heartland Wind II, LLC
|
| Issue: | Floating-rate secured term loan
|
| Amount: | $343 million
|
| Maturity: | 2017
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
