sPower wraps $498.7 million oversubscribed private placement of bonds

By Devika Patel

Knoxville, Tenn., Sept. 20 – sPower said it closed a $498.7 million “significantly” oversubscribed private placement of back-leverage bonds.

The company sold debt with maturities of three, five, seven, eight and 10 years.

Citigroup Global Markets Inc. was the structuring agent and lead agent. CIBC World Markets Corp, Credit Agricole Securities, KeyBanc Capital Markets Inc., Rabo Securities USA Inc., SG Americas Securities LLC and Wells Fargo Securities LLC were co-placement agents.

Proceeds were used to refinance approximately $425 million of medium-term bank loans, lengthening the tenor to a fully-amortizing 23.5-year facility and eliminating the refinancing risk associated with previous bank loans.

sPower is a renewable energy provider based in Salt Lake City.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.