ExGen Renewables talks $750 million term loan B at Libor plus 325 bps

By Sara Rosenberg

New York, Nov. 7 – ExGen Renewables IV LLC launched on Tuesday its $750 million seven-year senior secured term loan B (Ba2) with price talk of Libor plus 325 basis points with a 1% Libor floor and an original issue discount of 99.5, according to a market source.

The term loan has 101 soft call protection for six months, amortization of 1% per annum and a debt service coverage ratio covenant of 1.1 times, the source said.

In addition, the loan has an excess cash flow sweep of 100% for four years, then 75% plus, if applicable, an additional amount of excess cash flow equal to a target balance prepayment amount set off the Base Case, the source continued.

Morgan Stanley Senior Funding Inc. is the lead bank on the deal.

Commitments are due at noon ET on Nov. 17, the source added.

Proceeds will be used to make a distribution to Exelon Corp., fund debt service reserve and liquidity accounts and pay related transaction fees and expenses.

ExGen Renewables, an indirect wholly owned subsidiary of Exelon, indirectly owns a material interest in 33 operating renewable generation projects located within the U.S. with a total capacity of about 1,791 MW.

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