Rhode Island State sets $325 million term B at Libor plus 475 bps

By Sara Rosenberg

New York, Nov. 23 – Rhode Island State Energy Center LP firmed pricing on its $325 million seven-year term loan B at Libor plus 475 basis points, the high end of the Libor plus 450 bps to 475 bps talk, according to a market source.

As before, the term loan has a 1% Libor floor, an original issue discount of 98.5 and 101 soft call protection for one year.

The company’s $375 million senior secured credit facility (Ba3/BB) also includes a $50 million revolver.

Morgan Stanley Senior Funding Inc. and GE Capital Markets are the joint lead arrangers and bookrunners on the deal.

Proceeds will be used to help finance the $490 million acquisition of Rhode Island State Energy Center by The Carlyle Group from Entergy Corp.

Other funds for the transaction will come from equity.

Closing is subject to customary conditions.

Rhode Island State Energy Center is a 583 MW natural-gas fired power plant located in Johnston, R.I.

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