Texas Competitive to launch roughly $4.48 billion DIP on Monday

By Sara Rosenberg

New York, May 2 - Texas Competitive Electric Holdings Co. LLC will hold a meeting at 1:30 p.m. ET on Monday to launch its $4,475,000,000 24-month debtor-in-possession financing facility, according to a market source.

Citigroup Global Markets Inc. is the lead bank on the deal.

The facility consists of a $1.95 billion revolver, a $1,425,000,000 term loan and a $1.1 billion delayed-draw term loan.

Based on company documents, pricing on the revolver is expected at Libor plus 250 basis points, and pricing on the term loans is expected at Libor plus 275 bps.

Proceeds will be used to help support normal business operations during the company's Chapter 11 process.

Texas Competitive is a Dallas-based energy company.

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