TPF II seeks $495 million credit facility led by Goldman Sachs

By Sara Rosenberg

New York, July 29 - TPF II is in market with a $495 million credit facility, according to a market source.

Goldman Sachs Bank USA is the lead on the deal that launched with a bank meeting last Thursday.

The facility consists of a $20 million five-year first priority revolver (B1/B+) and a $475 million six-year senior secured term loan (B2/B+), the source said.

The term loan is talked at Libor plus 500 basis points with a 1% Libor floor and an original issue discount of 99, the source said.

Call protection on the term loan is103 in year one and 102 in year two.

Proceeds will be used to repay an existing term loan, fund debt service and liquidity reserves, and pay a dividend.

Commitments are due on Aug. 8, the source added.

TPF is a portfolio of two natural gas fired simple-cycle power generation projects.

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