Georgia Renewable Power gets $525 million seven-year term loan B

By Sara Rosenberg

New York, July 7 – Georgia Renewable Power (GRP Borrower LLC) closed on a $525 million seven-year senior secured term loan B that is priced at Libor plus 700 basis points plus 200 bps PIK with a 1% Libor floor and an original issue discount of 97.5, according to a market source.

Call protection is the higher of a 101 hard call or make-whole for the first 27 months and then a 101 hard call for months 27 to 33, the source said.

The term loan has a 100% excess cash flow sweep and a 1.1x minimum debt service coverage ratio covenant.

Morgan Stanley Senior Funding Inc. was the bookrunner on the deal that closed on June 30.

Proceeds were used to refinance construction debt.

The term loan conforms with the green loan principles and the United Nations sustainable development goals.

Georgia Renewable Power is a renewable power generator consisting of two 59 MWe net biomass-fired power plants located in Franklin and Madison counties in Georgia.

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