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S&P rates Race Point loan BB
Standard & Poor's said it assigned a BB rating and 1 recovery rating to four Race Point co-borrowers' - Race Point Power II LLC, Race Point Power III LLC, Race Point Power IV LLC and NeoElectra Lux Sarl - $275 million seven-year senior secured term loan.
The BB rating and 1 recovery rating indicates 90% to 100% recovery in a default.
The outlook is stable.
A portfolio of seven power-generation plants throughout the United States and a cogeneration portfolio of 12 power plants in Spain are expected to service the term loan, S&P said.
The term loan will be a joint and several liability of the four co-borrowers, which are owned by three ArcLight Capital Partners funds.
The proceeds will be used to repay a portion of existing intermediary debt, fund a capital expenditure reserve account and an operating project-specific reserve and make a one-time distribution to ArcLight, the agency said.
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