Oregon Clean Energy ups term loan to $530 million, trims pricing

By Sara Rosenberg

New York, Feb. 14 – Oregon Clean Energy LLC upsized its seven-year first-lien term loan to $530 million from $500 million and reduced pricing to Libor plus 375 basis points from Libor plus 400 bps, according to a market source.

As before, the term loan has a 1% Libor floor, an original issue discount of 99, 101 soft call protection for six months and a minimum debt service coverage ratio of 1.1 times.

The company’s now $580 million of credit facilities (Ba3/BB-), up from $550 million, also include a $50 million revolver.

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

Commitments remain due at noon ET on Friday.

Proceeds will be used to refinance existing debt and fund a shareholder distribution. The term loan upsizing will increase the distribution amount, 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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