S&P rates Parkway loans BB

S&P said it assigned its preliminary BB rating to Parkway Generation LLC's planned $1 billion senior secured term loan B and $140 senior secured term loan C due in 2028.

The preliminary 1 recovery rating indicates an expectation for full (90%-100%; rounded estimate: 95%) recovery in default.

Parkway will use the proceeds from the term loan B to partially fund the acquisition of eight gas-fired power plants from PSEG Power.

The outlook is stable.

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