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S&P rates Generation Bridge Northeast loan BB
S&P said it assigned its BB rating and 1 recovery rating to Generation Bridge Northeast LLC’s term loan B. The 1 recovery rating indicates an expectation of very high recovery in an event of default.
ArcLight Capital Partners LLC has consolidated its two portfolio companies, Generation Bridge LLC (GB1) and Generation Bridge II LLC (GBII), into a single entity, Generation Bridge Northeast LLC.
As part of the consolidation, the project raised $965 million in financing, composed of an $865 senior secured million term loan B, a $50 million senior secured term loan C and a $50 million senior secured revolving credit facility.
“The stable outlook reflects our expectation of steady operations and sufficient cash flow generation through the TLB period and beyond to service the project's debt service obligations,” S&P said in a news release.
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