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TPF II readies launch of $1.59 billion credit facility for Thursday
By Sara Rosenberg
New York, Sept. 9 – TPF II is set to hold a bank meeting at 10:30 a.m. ET on Thursday to launch a $1.59 billion senior secured credit facility, according to a market source.
Morgan Stanley Senior Funding Inc., Bank of America Merrill Lynch, Goldman Sachs Bank USA and MUFG Union Bank are the lead banks on the deal.
The facility consists of a $90 million revolver and a $1.5 billion term loan B, the source said.
Proceeds will be used to repay existing debt at TPF II LC LLC, TPF II Rolling Hills LLC and Astoria Generating Co. Acquisitions LLC, to fund a distribution to the equity holders and to fund a debt service reserve account.
The borrowers are TPF II Power LLC and TPF II Covert Midco LLC.
TPF is an investor in energy and power assets.
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