EIF Channelview cuts $275 million loan spread to Libor plus 425 bps

By Sara Rosenberg

New York, April 13 – EIF Channelview Cogeneration LLC reduced pricing on its $275 million seven-year term loan B to Libor plus 425 basis points from talk in the range of Libor plus 450 bps to 475 bps, according to a market source.

Also, the original issue discount on the term loan was tightened to 99.5 from 99, the source said.

The term loan still has a 1% Libor floor and 101 soft call protection for one year.

The company’s $305 million of senior secured credit facilities (B1/B+) also include a $30 million revolver.

Morgan Stanley Senior Funding Inc. is the bookrunner on the deal and a joint lead arranger with Investec Bank plc.

Recommitments were scheduled to be due at 2 p.m. ET on Friday, the source added.

Proceeds will be used to refinance existing debt.

EIF Channelview is an 856 MW natural gas-fired combined cycle cogeneration plant located in Channelview, Texas.

© 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.