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S&P rates Riverside Energy loan
Standard & Poor's said it assigned its preliminary BB- rating to Riverside Energy Center LLC's approximately $415 million senior secured term loan due 2011 and Rocky Mountain Energy Center LLC's approximately $250 million senior secured term loan due 2011. S&P also assigned its 1 recovery rating to both term loans.
The outlook is negative.
Calpine Corp. (B/negative/--) owns 100% interests in the Riverside and Rocky Mountain projects, two approximately 600 megawatt natural gas-fired combined-cycle power plants located in Wisconsin and Colorado, respectively. Riverside Energy Center and Rocky Mountain Energy Center have both recently commenced commercial operations.
The new financing structure will raise $665 million to retire existing bank debt, fund initial working capital requirements, pay remaining punch list items and swap breaking costs, and fund a dividend to the equity holders.
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