Topaz Power launches $590 million facility via Goldman and Barclays

By Sara Rosenberg

New York, Feb. 5 - Topaz Power Holdings LLC held a bank meeting on Tuesday to launch a $590 million senior secured credit facility (B1), according to a market source.

Goldman Sachs & Co. and Barclays are the lead banks on the deal.

The facility consists of a $30 million four-year revolver and a $560 million seven-year term loan B, the source said.

Price talk on the B loan is Libor plus 425 basis points with a 1.25% Libor floor and an original issue discount of 99, and the debt includes 101 soft call protection for one year, the source continued.

The facility has a 100% cash sweep and a total net leverage ratio covenant.

Proceeds will be used to refinance an existing credit facility, fund swap breakage, fund a six-month debt service reserve and fund a major maintenance reserve.

Commitments are due on Feb. 20, the source added.

Pro forma loan to value is $284 per kW.

Topaz Power owns a portfolio of five generating units in southern Texas (ERCOT) with a combined capacity of 1,883 MW.

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