Rhode Island State talks $325 million term B at Libor plus 450-475 bps

By Sara Rosenberg

New York, Nov. 9 – Rhode Island State Energy Center LP launched on Monday its $325 million seven-year term loan B with price talk of Libor plus 450 basis points to 475 bps with a 1% Libor floor and an original issue discount of 98.5, according to a market source.

The term loan has 101 soft call protection for one year, the source said.

The company’s $375 million senior secured credit facility also includes a $50 million revolver.

Morgan Stanley Senior Funding Inc. and GE Capital Markets are the joint lead arrangers and bookrunners on the deal.

Commitments are due on Nov. 23, the source added.

Proceeds will be used to help finance the $490 million acquisition of Rhode Island State Energy Center by The Carlyle Group from Entergy Corp.

Other funds for the transaction will come from equity.

Closing is subject to customary conditions.

Rhode Island State Energy Center is a 583 MW natural-gas fired power plant located in Johnston, R.I.

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