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Talen Energy unit firms $450 million term B at Libor plus 400 bps
By Sara Rosenberg
New York, Nov. 15 – LMBE-MC HoldCo II LLC, a subsidiary of Talen Energy Supply LLC, set pricing on its $450 million seven-year term loan B at Libor plus 400 basis points, the high end of the Libor plus 375 bps to 400 bps talk, according to a market source.
The term loan still has a 1% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months.
The company’s $475 million of credit facilities (Ba3/BB-) also include a $25 million revolver.
MUFG is the lead on the deal.
Proceeds will be used by Talen Energy to pay down corporate debt and to fund a maintenance reserve account.
LMBE-MC HoldCo is a 2.3 GW portfolio of power-generation facilities located in Bangor, Pa.
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