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S&P rates Race Point loan BB-
Standard & Poor's said it assigned a preliminary BB- rating with a recovery rating of 2 to Race Point Power's $370 million seven-year senior secured term loan. The preliminary recovery rating indicates expectations for substantial recovery of principal (70% to 90%) in the event of a payment default.
The outlook is stable.
The loan co-borrowers are Race Point Power II LLC, Race Point Power III LLC, Race Point Power IV LLC and NeoElectra Lux Sarl, which are owned by three ArcLight Capital Partners funds. They will use the proceeds to repay a portion of existing intermediary debt, acquire new interests, fund a capital expenditure reserve account and an operating project-specific reserve, pay related fees and expenses and make a one-time distribution to ArcLight.
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