S&P: Sapphire Power loans B+

Standard & Poor's said it assigned its B+ project rating to Sapphire Power Finance LLC's $280 million senior secured facilities, consisting of a $250 million term loan B due in July 2018 and a $30 million revolving credit facility due in July 2018.

At the same time, S&P assigned its 1 recovery rating, indicating "very high" (90% to 100%) recovery under our default scenario.

The outlook on the debt issue ratings is stable.

"Sapphire used net proceeds to pay a $54 million dividend to sponsors and refinance its preexisting senior secured facilities; a $185 million term loan maturing in 2018, which has $182 million outstanding; and a $25 million revolving facility maturing in 2016, with about $8 million currently drawn," S&P credit analyst Nora Pickens said in a news release.

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