S&P: MRP Generation loan BB-

S&P said it assigned a preliminary BB-rating to MRP Generation Holdings LLC's proposed $270 million term loan B due 2022 and $20 million revolving credit facility due 2021.

The agency also said it assigned a preliminary 1 recovery rating to this debt, indicating 90% to 100% expected default recovery.

The outlook is stable.

The B+ rating on the existing term loan B and revolving credit facility due 2017 is unchanged, but S&P said it expects to withdraw it at the close of this transaction, which is intended to repay that debt.

At close, the agency said it will review the final documentation associated with the new debt to determine if features of the transaction structure constrain the rating.

The BB- rating on the new project debt reflects the project’s operations phase stand-alone credit profile and favorable comparison to peers, S&P explained.

© 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.