S&P rates Oregon Clean Energy BB-

S&P said it assigned a preliminary BB- rating to Oregon Clean Energy LLC's senior secured debt.

The preliminary 1 recovery rating indicates 90% to 100% expected default recovery.

The outlook is stable.

Oregon Clean Energy is issuing a $500 million senior secured term loan B due in 2026 and a $50 million senior secured revolving credit facility due in 2024.

The proceeds will be used to refinance about $423 million in debt, fund a distribution to sponsors and pay related transaction fees and expenses.

The agency said it expects Oregon Clean to pay down about $250 million of its senior secured term loan B through its cash flow sweep and mandatory amortization, yielding roughly $250 million debt outstanding at maturity in 2026.

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