Cedar Bay Generating to launch $275 million term loan on Wednesday

By Sara Rosenberg

New York, March 18 - Cedar Bay Generating Co. LP will host a bank meeting at 1:30 p.m. ET on Wednesday to launch a $275 million seven-year senior secured term loan, according to a market source.

Barclays and Morgan Stanley Senior Funding Inc. are the bookrunners on the deal.

Proceeds will be used to refinance existing debt, fund a debt service reserve account and repay some subordinated debt, the source said.

Cedar Bay is a coal-fired power plant in Jacksonville, Fla.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.