Atlantic Power launches $510 million term loan at Libor plus 300 bps

By Sara Rosenberg

New York, April 3 – Atlantic Power Corp. launched on Tuesday its $510 million senior secured first-lien term loan (Ba2/BB-) due April 2023 with price talk of Libor of 300 basis points with a 1% Libor floor and a par issue price, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

Goldman Sachs Bank USA is the lead bank on the deal.

Existing lender commitments are due at noon ET on Friday and new money commitments are due at noon ET on April 13, the source added.

Proceeds will be used to reprice an existing term loan down from Libor plus 350 bps with a 1% Libor floor.

Atlantic Power is a Dedham, Mass.-based owner, developer and operator of a diversified fleet of 22 power generation projects totaling 1,440 MW of net generating capacity across nine states in the United States and two Canadian provinces.

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