CPV Shore launches $425 million term loan B at Libor plus 350-375 bps

By Sara Rosenberg

New York, Dec. 3 – CPV Shore Holdings LLC launched on Monday its $425 million seven-year term loan B with price talk of Libor plus 350 basis points to 375 bps with a 0% Libor floor and an original issue discount of 99 to 99.5, according to a market source.

The term loan has 101 soft call protection for six months, amortization of 1% per annum, a debt service coverage ratio covenant of 1.1 times, and an excess cash flow sweep of 75% when debt to EBITDA is 4 times, with steps, the source said.

The company’s $545 million of senior secured credit facilities also include a $120 million five-year revolver.

Morgan Stanley Senior Funding Inc., MUFG and Credit Agricole CIB are the joint lead arrangers and bookrunners on the deal.

Commitments are due at noon ET on Dec. 14, the source added.

Proceeds will be used to refinance an existing term loan, fund a distribution to the sponsors and pay transaction fees and expenses.

CPV Shore is part owner of Woodbridge Energy Center, a 725 MW combined cycle, natural gas-fired facility in Middlesex County, N.J.

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