Moody's upgrades TPF loans

Moody's Investors Service said it upgraded the rating on TPF II LC, LLC and TPF II Rolling Hills, LLC's joint and several $350 million secured term loan due in 2019 to B1 from B2 and its $20 million first priority senior secured working capital facility due in 2018 to Ba3 from B1.

The rating outlook is stable.

Proceeds of the term loan will be used to repay TPF II's existing $70 million term loan (unrated), fund debt service and liquidity reserves totaling about $33 million, pay fees and expenses and pay a dividend of approximately $230 million to the project owners.

Moody's said the upgrade is driven by lower leverage in TPF's capital structure as its secured term loan is being reduced to $350 million from $475 million, a reduction of over 26%.

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