Moxie Liberty talks $585 million term loans at Libor plus 600-625 bps

By Sara Rosenberg

New York, Dec. 5 - Moxie Liberty launched on Thursday its $585 million of term loan debt with price talk of Libor plus 600 basis points to 625 bps with a 1% Libor floor and an original issue discount of 99, according to a market source.

The loans are non-callable for 2½ years, then at 102 for a year and 101 for the following year, the source said.

The debt is split between a $200 million delayed-draw term loan and a $385 million term loan B.

Included in the delayed-draw loan is a 200 bps undrawn fee and the tranche is available for one year, the source continued.

Commitments are due on Dec. 16.

Goldman Sachs Bank USA, Ares Capital and Union Bank of California are leading the deal.

Proceeds will be used to help fund the construction of the Patriot Generation Plant, an 829-megawatt natural gas fired power plant in Lycoming County, Pa.

Moxie Liberty is owned by Panda Power Funds.

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