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Star West launches $750 million term loan B at Libor plus 300-325 bps
By Sara Rosenberg
New York, May 21 - Star West Generation LLC held a call at 2 p.m. ET on Tuesday to launch a $750 million senior secured term loan B due March 13, 2020 that is talked at Libor plus 300 basis points to 325 bps with a 1% Libor floor and a par offer price, according to sources.
The loan has 101 soft call protection until March 2014 and amortization of 1% per annum.
Citigroup Global Markets Inc. is the lead bank on the deal.
Proceeds will be used to refinance an existing term loan B that is priced at Libor plus 400 bps with a 1% Libor floor.
Commitments are due on May 29.
Expected ratings are Ba3/BB-, the source added.
Star West Generation is a Houston-based power producer.
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