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Moody's assigns CPV Maryland facilities Ba3
Moody's Investors Service said it gave a Ba3 rating to CPV Maryland, LLC's planned $475 million senior secured credit facilities consisting of a $375 million seven-year term loan and a $100 million 6.5-year revolving credit facility.
“CPV Maryland's Ba3 rating reflects the asset's competitive generating profile, strong operating history, manageable debt profile, and sound sponsor group. The project's competitive position is supported by its close proximity to the Washington D.C. metro area and its high efficiency as a combined cycle plant utilizing GE's new 7F.05 turbines,” the agency said in a press release.
Term loan proceeds will be used to repay CPV Maryland's financing, pay transaction costs of the issuance and fund a distribution to the sponsors. Revolver proceeds will be used for general working capital purposes and cash collateral, in addition to a backstop for letters of credits. The existing loans being refinanced are expected to have a total balance of about $323 million at the transaction time.
The outlook is stable. The outlook assumes the project will continue exhibiting strong operating performance and engage and maintain solid energy margins, resulting in sustained debt service coverage ratio levels above 1.5x, Moody’s said.
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