EquiPower talks $683 million first-lien loan at Libor plus 425-450 bps

By Sara Rosenberg

New York, Oct. 16 - EquiPower Resources Holdings launched its $683 million first-lien term loan on Tuesday with price talk of Libor plus 425 basis points to 450 bps with a 1.25% Libor floor and a par offer price, according to a market source.

There is 101 soft call protection for one year, the source said.

Commitments are due on Oct. 23.

Barclays, Deutsche Bank Securities Inc., Goldman Sachs & Co. and Morgan Stanley Senior Funding Inc. are leading the deal.

Proceeds will be used to reprice an existing term loan from Libor plus 500 bps with a 1.5% Libor floor.

Existing lenders will get paid down at 101 as a result of call protection.

EquiPower is a Hartford, Conn.-based competitive power generation company that is owned by Energy Capital Partners LLC.

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