ExGen cuts spread on $300 million term loan to Libor plus 425 bps

By Sara Rosenberg

New York, Feb. 4 - ExGen Renewables I LLC reduced pricing on its $300 million seven-year first-lien HoldCo senior secured term loan (Ba3/BB-) to Libor plus 425 basis points from talk 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 99½ from 99, the source said.

The term loan still has a 1% Libor floor, soft call protection of 102 in year one and 101 in year two, and a debt service coverage covenant.

Recommitments were due at 5 p.m. ET on Tuesday, the source added.

Barclays is the lead bank on the deal.

Proceeds will be used to make a distribution to parent company Exelon Corp. and for general corporate purposes.

ExGen is an operator of a portfolio of 13 contracted wind energy assets.

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