Moody’s gives Granite Generation loans Ba3

Moody’s Investors Service said it assigned a Ba3 rating to Granite Generation, LLC’s proposed senior secured facilities, consisting of a seven-year $1.4 billion term loan B due in 2026 and a five-year $100 million revolver due in 2024.

Term loan proceeds will be used to repay nearly $1.2 billion outstanding under four project finance transactions. The remainder of about $208 million will be used for a dividend distribution to equity holders of the sponsor, Granite Energy, LLC, and to pay related transaction fees and expenses.

The revolver will be used for general corporate purposes.

The agency also assigned a first-time rating of Ba3 to Granite and a Ba3-PD probability of default rating.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.