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Moody's assigns Ba3 to Parkway loans
Moody's Investors Service said it assigned a Ba3 rating to Parkway Generation, LLC's expected $1.24 billion senior secured credit facilities consisting of a $1 billion seven-year term loan B, a $140 million seven-year term loan C and a $100 million five-year revolver.
Term loan B proceeds combined with equity contributed from affiliates of ArcLight Capital Partners, LLC will be used to fund Parkway's purchase of eight generating assets totaling about 4.8 gigawatts of generating capacity within the PJM Interconnection from Public Service Enterprise Group Inc. Proceeds from the term loan C will be used to cash collateralize letters of credit to be issued by Parkway in the normal course of business.
“The Ba3 rating considers the competitive profile of Parkway's portfolio of generating assets, most of which are of recent vintage, operate at competitive heat rates relative to their respective operating profiles and have been well maintained with strong operating performance under PSEG ownership,” Moody’s said in a press release.
The outlook is stable.
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