Middle River Power launches new credit facility to investors

By Sara Rosenberg

New York, Sept. 14 – Middle River Power III held a bank meeting on Friday to launch syndication of a 4.25-year senior secured bank credit facility, split between a revolver and a term loan, according to a market source.

Pricing on the debt is expected to be sub-200 basis points, the source said.

MUFG is the lead on the deal.

Proceeds will be used to fund Middle River’s acquisition of a gas-fired portfolio in California’s San Joaquin Valley from Alta Gas.

Closing is targeted for the fourth quarter.

Middle River, a portfolio company of Avenue Capital, is a Chicago-based investment and asset management platform focused on U.S. power generation assets.

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