Invenergy finalizes $390 million term loan at Libor plus 300 bps

By Sara Rosenberg

New York, Feb. 26 – Invenergy Thermal Operating I LLC set pricing on its roughly $390 million first-lien term loan due August 2025 at Libor plus 300 basis points, the high end of the Libor plus 275 bps to 300 bps talk, according to a market source.

The term loan still has a 0% Libor floor, a par issue price, 101 soft call protection for six months, amortization of 1% per annum and a minimum debt service coverage ratio covenant of 1.1x.

Credit Suisse Securities (USA) LLC and Goldman Sachs Bank USA are the arrangers on the deal.

Proceeds will be used to reprice an existing term loan down from Libor plus 350 bps.

Invenergy is a Chicago-based operator of power generation facilities.

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