Terra-Gen launches $300 million term loan B at Libor plus 425-450 bps

By Sara Rosenberg

New York, Nov. 12 – Terra-Gen Finance Co. LLC launched on Wednesday its $300 million seven-year term loan B (BB-) with price talk of Libor plus 425 basis points to 450 bps with a 1% Libor floor and an original issue discount of 99, according to a market source.

The loan has soft call protection of 102 in year one and 101 in year two, the source said.

Goldman Sachs Bank USA and Citigroup Global Markets Inc. are the lead banks on the deal.

Proceeds will be used to refinance existing debt and fund a distribution to equity owners.

Terra-Gen is a New York-based renewable energy company that owns 653 MW of generating capacity across 21 projects.

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