Parkway Generation to launch $1.14 billion of term loans on Wednesday

By Sara Rosenberg

New York, Oct. 26 – Parkway Generation LLC is scheduled to hold a lender call at 3 p.m. ET on Wednesday to launch $1.14 billion of senior secured term loans, according to a market source.

Morgan Stanley Senior Funding Inc., Jefferies LLC, BNP Paribas Securities Corp. and Goldman Sachs Bank USA are the leads on the deal.

The debt consists of a $1 billion term loan B and a $140 million term loan C, the source said.

Proceeds from the term loan B will be used to help fund ArcLight Capital Partners’ acquisition of Public Service Enterprise Group Inc.’s portfolio of eight natural gas-fired power generation facilities in New Jersey and Maryland totaling 4,805 MW (Parkway Generation), and the term loan C will be used to fund a collateral account to cash collateralize the issuance of letters of credit.

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