Windsor Financing talks $50 million 10-year notes a Treasuries plus 240-245 bps

By Paul A. Harris

St. Louis, Feb. 3 - Windsor Financing LLC is talking a $50 million tranche of 10-year subordinated amortizing notes at a 240 to 245 basis point spread to Treasuries, according to an informed source.

The subordinated notes (Ba2/BB) come with a 7.1-year weighted average life.

They are part of an overall $316 million two-tranche transaction being led by Goldman Sachs & Co. that is expected to price on Tuesday.

An investment-grade $266 million offering of senior amortizing notes due July 2017 (Baa3/BBB-) is talked at Treasuries plus 140 to 145 basis points.

Calyon Securities is the joint lead manager for the Rule 144A and Regulation notes. The co-managers are BNP Paribas, Scotia Capital and Wedbush Morgan Securities.

Proceeds will be used to repay outstanding project financing in full, with remaining proceeds to fund a distribution to Cogentrix Energy Inc.

Windsor Financing owns 100% of membership interests in coal-fired electricity generating plants in Richmond, Va., and in Rocky Mount, N.C.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.