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EquiPower launches $525 million facility at Libor plus 450-475 bps
By Sara Rosenberg
New York, Jan. 6 - EquiPower Resources Holdings launched its $525 million secured credit facility (Ba3) on Thursday with price talk of Libor plus 450 basis points to 475 bps, according to a market source.
The facility consists of a $100 million revolver and a $425 million seven-year term loan.
The term loan has a 1.5% Libor floor and an original issue discount of 981/2. The revolver has no Libor floor, the source said.
Barclays, Credit Agricole and Union Bank are the lead banks on the deal, with Barclays the left lead.
Security is four combined cycle gas turbine power plants located in New England.
Proceeds will be used to fund the acquisition of Milford Power, the owner of a 548 megawatt combined cycle gas turbine power plant located in Milford, Conn., and to fund a distribution to the sponsor.
The transaction is expected to close early in the first quarter following receipt of all necessary approvals.
EquiPower is a Hartford, Conn.-based competitive power generation company that is owned by Energy Capital Partners LLC.
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