Generation Bridge ups term loan to $865 million, updates pricing

By Sara Rosenberg

New York, Aug. 3 – Generation Bridge Northeast LLC upsized its six-year senior secured term loan B to $865 million from $850 million and firmed pricing at SOFR plus 425 basis points, the low end of the SOFR plus 425 bps to 450 bps talk, according to a market source.

Also, the 10 bps CSA was removed from the term loan and the original issue discount was changed to 99 from 98, the source said.

As before, the term loan has a 0% floor and 101 soft call protection for six months.

The company’s now $965 million of credit facilities, up from $950 million, also include a $100 million five-year revolver.

Jefferies LLC, MUFG, Goldman Sachs Bank USA, BMO Capital Markets, Investec and ArcLight Capital Partners are the bookrunners on the deal.

Proceeds from the term loan will be used to repay all outstanding debt at Generation Bridge II LLC and to fund a distribution, and the revolver will be used for working capital and letters of credit.

Generation Bridge Northeast is an owner of power generation facilities that is being formed through the combination by ArcLight Capital Partners of two portfolio companies, Generation Bridge LLC and Generation Bridge II.

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