Freif NAP revises discount on $295 million in term loans to 99½

By Sara Rosenberg

New York, March 19 – Freif NAP I Holdings III LLC tightened the original issue discount on its $295 million in seven-year term loans (Ba3/BB-) to 99½ from 99, according to a market source.

The debt consists of a $250 million term loan B and a $45 million term loan C.

The loans are still talked in the area of Libor plus 375 basis points with a 1% Libor floor, and still have 101 soft call protection for one year.

Amortization is 1% per annum.

Commitments were due at the close of business on Thursday, the source added.

Deutsche Bank Securities Inc., Citigroup Global Markets Inc., Macquarie Capital (USA) Inc. and Credit Suisse Securities (USA) LLC are the bookrunners on the deal.

Proceeds will be used to refinance existing debt and fund the acquisition of power facilities.

Freif is an owner of power generation assets.

© 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.