Carroll County Energy cuts spread on $460 million term loan B

By Sara Rosenberg

New York, Feb. 6 – Carroll County Energy LLC lowered pricing on its $460 million seven-year first-lien term loan B (Ba2/BB) to Libor plus 350 basis points from Libor plus 375 bps, according to a market source.

As before, the term loan B has a 0% Libor floor, an original issue discount of 99, 101 soft call protection for six months and a minimum debt service coverage ratio covenant.

Bank of America Merrill Lynch, BNP Paribas Securities Corp. and Credit Agricole are the leads on the deal.

Recommitments are due at noon ET on Thursday, the source added.

Proceeds will be used to refinance existing debt and pay a distribution to shareholders.

Carroll County Energy is the 100% owner of a recently commissioned, highly efficient natural gas fired combined-cycle electric generating facility with a nominal capacity of 700 megawatts in Carroll County, Ohio.

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