Ashmore Energy to launch $1.5 billion facility in New York on Feb. 23

By Sara Rosenberg

New York, Feb. 16 - Ashmore Energy International Ltd. is scheduled to hold a retail bank meeting in New York on Feb. 23 and a retail bank meeting in London on Feb. 26 to launch its proposed $1.5 billion credit facility, according to a market source.

Currently, the lead banks are out doing the senior managing agent tier for the facility.

Credit Suisse and JPMorgan are the lead banks on the deal, with Credit Suisse the left lead.

The facility consists of a $500 million revolver and a $1 billion term loan B, with both tranches talked at Libor plus 275 basis points, the source said.

Proceeds will be used to refinance existing debt, including a senior loan and a bridge loan.

Ashmore is a Houston-based natural gas, power distribution and power generation company.

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