Astoria Generating flexes $425 million loan to Libor plus 700 bps

By Sara Rosenberg

New York, Oct. 22 - Astoria Generating increased pricing on its $425 million term loan to Libor plus 700 basis points from talk of Libor plus 550 bps to 600 bps and revised the Libor floor to 1.5% from 1.25%, according to a market source.

In addition, the original issue discount on the term loan widened to 96 from 98, the source said.

The loan is now non-callable for 18 months, then at 102 for six months and at 101 for a year, compared to just having 101 soft call protection for one year previously.

Furthermore, the maturity on the term loan was shortened to five years from six years and amortization was revised to 5% per annum from 1% per annum, the source continued. The amortization begins Sept. 30, 2013.

The company's credit facility also includes a revolver that was upsized to $30 million from $25 million.

Recommitments for the now $455 million deal (B2/B), up from $450 million, are due at the close of business on Tuesday, the source added.

Goldman Sachs & Co., Morgan Stanley Senior Funding Inc. and Bank of America Merrill Lynch are leading the deal.

Proceeds will be used to refinance first- and second-lien debt.

Astoria Generating is an owner of three operating electric power generation facilities in New York.

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