Sapphire Power Holdings to launch $350 million term loan on Tuesday

By Sara Rosenberg

New York, May 31 - Sapphire Power Holdings will hold a bank meeting on Tuesday to launch a $350 million seven-year covenant-light term loan, according to a market source.

Goldman Sachs Bank USA and Deutsche Bank Securities Inc. are the lead banks on the deal.

Proceeds will be used to refinance existing debt, fund a debt service reserve account and pay a dividend.

Sapphire Power is an Austin, Texas-based power company consisting of seven, mid-merit, natural gas-fired, combined cycle power generation units and one natural gas-fired, peaking unit.

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