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Western Generation flexes $245 million term B to Libor plus 400 bps
By Sara Rosenberg
New York, Nov. 7 – Western Generation Partners (WGP Acquisition LLC) reduced pricing on its $245 million term loan B to Libor plus 400 basis points from Libor plus 425 bps, according to a market source.
As before, the term loan has a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.
The company’s $305 million credit facility also includes a $15 million revolver and a $45 million letter-of-credit facility.
Macquarie Capital (USA) Inc. and MUFG are the leads on the deal.
Commitments were set to be due at the close of business on Monday, accelerated from Tuesday, the source said.
Proceeds will be used to help fund the acquisition of certain projects from First Reserve’s North American Power I portfolio and Trinity Power.
Harbert Capital and UBS Infrastructure are the sponsors.
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