Raven Power ups term B to $375 million, firms at Libor plus 425 bps

By Sara Rosenberg

New York, Dec. 16 - Raven Power Finance LLC increased its term loan B (B1/BB-) to $375 million from $350 million and set pricing at Libor plus 425 basis points, the tight end of the Libor plus 425 bps to 450 bps talk, according to a market source.

As before, the loan has a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for one year.

Deutsche Bank Securities Inc. and Morgan Stanley Senior Funding Inc. are the lead banks on the deal.

Proceeds will be used to refinance existing debt, to fund a distribution to shareholders and for general corporate purposes.

Raven Power is an Austin, Texas-based power company.

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