Oregon Clean Energy to launch $550 million of loans on Monday

By Sara Rosenberg

New York, Feb. 1 – Oregon Clean Energy LLC is scheduled to hold a bank meeting at 3 p.m. ET in New York on Monday to launch $550 million of credit facilities (Ba3/BB-), according to a market source.

Credit Suisse Securities (USA) LLC is the left lead on the deal.

The facilities consist of a $50 million revolver and a $500 million seven-year first-lien term loan, the source said.

Price talk on the term loan is Libor plus 400 basis points with a 1% Libor floor and an original issue discount of 99, the source continued.

The term loan has 101 soft call protection for six months and a minimum debt service coverage ratio of 1.1 times.

Proceeds will be used to refinance existing debt and fund a shareholder distribution.

Commitments are due at noon ET on Feb. 15, the source added.

Oregon Clean Energy is an 870 MW combined cycle natural gas-fired generation facility located in Oregon, Ohio.

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