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Moody's assigns ExGen loan Ba3
Moody's Investors Service said it assigned a Ba3 rating to ExGen Renewables IV, LLC's new $750 million, seven-year senior secured term loan.
Proceeds and cash on hand will be used to refinance its senior secured debt, settle interest rate hedges, fund reserves, pay transaction costs and allow for a modest cash distribution to owner and sponsor Exelon Generation Co., LLC.
“While the amount of the cash distribution is low, the borrower will effectively distribute to the equity owner the 69 MW SolGen distributed solar generation assets and the 50 MW Albany Green Energy's biomass plant as part of the refinancing,” Moody’s said in a press release.
The Ba3 rating assigned to the existing senior secured term loan will be withdrawn shortly after the new facility's close, the agency said.
The outlook is stable.
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