Freif launches $243 million credit facility at Libor plus 450 bps

By Sara Rosenberg

New York, Feb. 14 - Freif North American Power I launched its $243 million seven-year credit facility on Tuesday with price talk of Libor plus 450 basis points, according to a market source.

The deal consists of a $210 million term loan and a $33 million letter-of-credit facility, both offered at an original issue discount of 98.

The term loan has a 1.5% Libor floor and 101 call protection for one year, the source said.

Deutsche Bank Securities Inc., Barclays Capital Inc., Citigroup Global Markets Inc. and Macquarie Capital are leading the deal.

Proceeds will be used to help fund the acquisition by First Reserve Corp. and CalPERS of a diversified portfolio of U.S. contracted natural gas fired power generation plants totaling 1,068 MW from Arclight Capital.

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