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Energy and Industrial Utilities plans $425 million credit facility
By Sara Rosenberg and Paul A. Harris
New York, Oct. 29 - Energy and Industrial Utilities Co. LLC is planning on getting a new $425 million credit facility (BB), according to a market source.
Morgan Stanley and Barclays Capital are the lead banks on the deal.
The facility consists of a $375 million term loan and a $50 million revolver.
Energy and Industrial Utilities is a portfolio of power and industrial projects.
GE Corporate Lending is buying a 50% interest in the company from DTE Energy, and DTE Energy's subsidiary, DTE Energy Services Inc., will maintain a 50% equity interest in the company.
Proceeds from the credit facility, along with a $275 million bond offering, will be used to fund a distribution to DTE Energy Services.
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