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Western Generation firms $234.6 million term B at Libor plus 350 bps
By Sara Rosenberg
New York, Dec. 20 – Western Generation Partners (WGP Acquisition LLC) finalized pricing on its $234.6 million term loan B at Libor plus 350 basis points, the high end of the Libor plus 325 bps to 350 bps talk, according to a market source.
As before, the term loan has a 1% Libor floor, a par issue price and 101 soft call protection for six months.
MUFG is the lead on the deal.
Proceeds will be used to reprice an existing term loan B down from Libor plus 400 bps with a 1% Libor floor.
Harbert Management Corp., UBS Asset Management and Northwestern Mutual are the sponsors.
Western Generation is the owner of 12 power plants representing about 1,500 MW of contracted thermal power plants.
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