TerraForm ups term loan to $350 million, flexes to Libor plus 275 bps

By Sara Rosenberg

New York, Nov. 2 – TerraForm Power Operating LLC upsized its five-year covenant-light term loan B to $350 million from $300 million and reduced pricing to Libor plus 275 basis points from Libor plus 325 bps, according to a market source.

In addition, the original issue discount on the term loan was revised to 99.75 from 99.5, the source said.

The term loan still has a 1% Libor floor and 101 soft call protection for six months.

RBC Capital Markets, the Bank of Nova Scotia, BMO Capital Markets, HSBC Securities (USA) Inc., Natixis and SMBC are the leads on the deal.

Commitments were scheduled to be due at 5 p.m. ET on Thursday, the source added.

Proceeds will be used to repay a non-recourse portfolio term loan that was entered into in December 2015.

TerraForm Power is a Bethesda, Md.-based owner and operator of a renewable power portfolio of solar and wind assets. The company is sponsored by Brookfield Asset Management.

© 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.