Tyr Energy seeks $96 million credit facility

By Sara Rosenberg

New York, April 18 - Tyr Energy is currently in market with a $96 million credit facility, according to a market source.

GE Capital is the lead bank on the deal that launched with a bank meeting this past Thursday.

The facility consists of an $89 million seven-year term loan and a $7 million debt service reserve letter of credit, with both tranches talked at Libor plus 225 basis points, with a 100 bps upfront fee, the source said.

Proceeds will be used to help fund the acquisition of a power plant that provides energy during peak demand times.

Total consideration for the acquisition is $210 million and debt per kilowatt is $283 million.

Tyr Energy is an Overland Park, Kan., owner of equity interests in North American independent power assets and a provider of asset management services to those facilities.

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