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EquiPower Resources to launch $975 million credit facility on May 31
By Sara Rosenberg
New York, May 23 - EquiPower Resources Holdings is scheduled to hold a bank meeting on May 31 to launch a proposed $975 million credit facility, according to a market source.
Barclays Capital Inc. is the left lead bank on the deal.
The facility consists of a $90 million revolver, a $685 million first-lien term loan and a $200 million second-lien term loan, the source said.
Proceeds will be used to refinance existing debt, to pay deferred costs associated with hedge restructuring, to fund a debt service reserve and to pay a small dividend.
EquiPower is a Hartford, Conn.-based competitive power generation company that is owned by Energy Capital Partners LLC.
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