Generation Bridge guides $846 million term B at SOFR plus 350-375 bps

By Sara Rosenberg

New York, March 11 – Generation Bridge Northeast LLC launched on Monday its roughly $846.3 million senior secured term loan B due Aug. 22, 2029 with price talk of SOFR plus 350 basis points to 375 bps with a 0% floor, an original issue discount of 99.75 for new money and a par issue price for existing lenders, according to a market source.

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

Expected term loan ratings are Ba2/BB.

Jefferies LLC is the arranger on the deal.

Commitments and consents are due at noon ET on Thursday.

Proceeds will be used to reprice an existing term loan B down from SOFR plus 425 bps with a 0% floor.

Generation Bridge Northeast is an owner of power generation facilities in the Northeast representing about 5 GW of generation capacity diversified across three ISO markets.

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