Spruce Power to launch $600 million term loan B on Wednesday

By Sara Rosenberg

New York, Jan. 25 – Spruce Power Holdings LLC will hold a lender call at 2 p.m. ET on Wednesday to launch a $600 million seven-year term loan B (B), according to a market source.

KeyBanc Capital Markets is the lead on the deal.

The term loan has 101 soft call protection for six months and a debt service coverage ratio covenant, the source said.

Proceeds will be used to refinance existing debt, and any remaining proceeds will fund a distribution to HPS Investment Partners.

Spruce Power is a Houston-based owner and operator of distributed generation solar residential assets.

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