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Chief Power ups term B to $351 million, firms at Libor plus 475 bps
By Sara Rosenberg
New York, Dec. 16 – Chief Power Finance LLC upsized its six-year term loan B to $351 million from $325 million and finalized pricing at Libor plus 475 basis points, the wide end of the Libor plus 450 bps to 475 bps talk, according to a market source.
The term loan B still has a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for one year.
Also, as before, the term loan has amortization of 1% per annum and an excess cash flow sweep of the greater of 75% or an amount sufficient to meet a target debt balance.
The company’s now $391 million senior secured credit facility, up from $365 million, provides for a $40 million five-year revolver as well.
Morgan Stanley Senior Funding Inc. and Barclays are the joint lead arrangers and bookrunners on the deal.
Proceeds will be used to fund Arclight Capital’s acquisition of Exelon Corp.’s interests in two fossil fuel power plants.
Closing is expected on Dec. 31, the source added.
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