NextEra's NEP Renewables enters into credit facilities due 2028

Chicago, Dec. 9 – NextEra Energy Partners, LP’s indirect subsidiary NEP Renewables, LLC entered into a $644 million limited-recourse senior secured variable-rate term loan facility and an approximately $34 million letter-of-credit facility on Dec. 3, according to an 8-K filed with the Securities and Exchange Commission.

Interest will be based on one-month Libor plus a margin.

Principal will be amortizing on a monthly basis.

NEP Renewables also entered into interest rate swaps to hedge against interest rate movements on the interest payments.

The letter-of-credit facility will be used to support certain reserves associated with the financing.

The energy company is based in Juno Beach, Fla.

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