Moxie Liberty readies launch of $558 million term loan for Tuesday

By Sara Rosenberg

New York, July 29 - Moxie Liberty will hold a bank meeting on Tuesday afternoon to launch a $558 million seven-year term loan, according to a market source.

Goldman Sachs Bank USA, Credit Suisse Securities (USA) LLC, Ares Capital and Union Bank are leading the deal.

The term loan is split between a $358 million funded tranche and a $200 million delayed-draw tranche, the source said.

Of the total delayed-draw amount, $150 million has already been placed, leaving only $50 million left to market, the source continued.

All of the term loan debt is non-callable for 2½ years, then at 102 for one year and at 101 for another year.

Proceeds will be used to help fund the construction of the 829-megawatt natural gas fired power plant that is owned by Panda Power Funds.

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