Michigan Power launches $216 million term B at Libor plus 375-400 bps

By Sara Rosenberg

New York, Nov. 12 – Michigan Power LP LLC launched on Thursday its $216 million seven-year term loan B with price talk of Libor plus 375 basis points to 400 bps with a 1% Libor floor and an original issue discount of 99, according to a market source.

The term loan has 101 call protection for one year, the source said.

The company’s $263 million credit facility (Ba2) also includes a $47 million revolver.

BNP Paribas Securities Corp. is the lead on the deal.

Commitments are due on Nov. 24, the source added.

Proceeds will be used to help fund the acquisition of Michigan Power by Rockland Capital LLC from ArcLight Capital Partners LLC.

Michigan Power is the owner of a cogeneration facility located in Ludington, Mich.

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