| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers D > Headlines for Dynegy Inc. > News item |
Dynegy Power enters into $150 million revolver at Libor plus 325 bps
By Jennifer Chiou
New York, Jan. 16 - Dynegy Inc. subsidiary Dynegy Power, LLC entered into a $150 million revolving credit agreement with Royal Bank of Canada as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.
RBC Capital Markets, Deutsche Bank Securities Inc., Barclays Bank plc, Citigroup Global Markets, Inc., Goldman Sachs Bank USA and UBS Securities LLC acted as joint bookrunners and joint lead arrangers for the 364-day revolver.
The loan will mature on Jan. 15, 2014.
There is a commitment fee of 50 basis points per year.
Borrowings bear interest at adjusted Libor plus 325 bps.
Under the agreement, Dynegy Power must maintain a ratio of consolidated total debt to consolidated adjusted EBITDA of at least 7.00:1.00 for the period ending June 30, 2013; 5.50:1.00 for the period ending Sept. 30, 2013; and 4.50:1.00 for the period ending Dec. 31, 2013.
The company also has to maintain a ratio of consolidated adjusted EBITDA to consolidated cash interest expense of at least 1.25:1.00 for the period ending June 30, 2013; 1.75:1.00 for the period ending Sept. 30, 2013; and 2.25:1.00 for the period ending Dec. 31, 2013.
The agreement also limits distributions from Dynegy Gas Investments Holdings, LLC to $135 million per year, provided that as of the date of the proposed distribution, all unrestricted cash and unrestricted permitted investments of Dynegy Power and its subsidiaries equals at least $50 million and that proceeds of the revolving loans are not used to make those distributions.
Dynegy is a Houston-based producer and seller of electric energy, capacity and ancillary services.
© 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.