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CPV Shore firms $425 million term loan B at Libor plus 375 bps
By Sara Rosenberg
New York, Dec. 14 – CPV Shore Holdings LLC finalized pricing on its $425 million seven-year term loan B at Libor plus 375 basis points, the high end of the Libor plus 350 bps to 375 bps talk, according to a market source.
Additionally, the original issue discount on the term loan was set at 99, the wide end of the 99 to 99.5 talk, the source said.
As before, the term loan has a 0% Libor floor and 101 soft call protection for six months.
The company’s $545 million of senior secured credit facilities (Ba2/BB) 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 remained due at noon ET on Friday, 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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