Revere Power to launch $586 million credit facilities on Thursday

By Sara Rosenberg

New York, Jan. 15 – Revere Power LLC is scheduled to hold a bank meeting at 11:30 a.m. ET on Thursday to launch its proposed $586 million of credit facilities, according to a market source.

Jefferies LLC and SunTrust Robinson Humphrey Inc. are the arrangers on the deal.

The facilities consist of a $55 million five-year revolver, a $445 million seven-year term loan B and an $86 million seven-year term loan C, the source said.

Proceeds will be used to help fund Carlyle Group’s acquisition of three natural gas-fired generation facilities, known as Bridgeport Energy, Tiverton Power and Rumford Power, for $590 million from Emera Inc.

Closing is expected this quarter, subject to regulatory approvals.

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