Terra-Gen Power Executes $240 MM Refinancing of Holdco Debt Facilities for 831 MW Renewable Generation Portfolio
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Tue, 03 Nov 2009 21:52:27 GMT |
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Terra-Gen Power, LLC |
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NEW YORK, Nov. 3 NY-Terra-Gen-refinanc
NEW YORK, Nov. 3 /PRNewswire/ -- Terra-Gen Power, LLC (Terra-Gen), a wholly-owned affiliate of ArcLight Capital Partners (ArcLight), announced today that its subsidiary Terra-Gen Finance Company, LLC (Terra-Gen Finance) has closed a $240 MM debt facility for its portfolio of 831 MW of renewable generating assets.
The corporate debt facilities are composed of a $215 million, 2.5-year senior secured term loan and a $25 million, 2.5-year senior secured working capital facility. The term loan was used to refinance an existing corporate credit facility and to pay transaction fees and expenses. The working capital facility will be used to support the issuance of project and corporate level letters of credit and for other general corporate purposes. The term loan carries a coupon of L + 500bps with a 3% LIBOR floor. Upfront fees ranged between 250-300 basis points.
Citigroup and BNP Paribas served as joint lead arrangers for the transaction. The lender group also included participating interests from Bank of Montreal, Barclays, Credit Suisse, Fortress, ING, Natixis, Union Bank of California, and UBS. BNP Paribas served as Administrative Agent, Citigroup as Syndication Agent, and Natixis and ING as Co-Documentation Agents for the lender group. The corporate facilities were well oversubscribed and the term loan was upsized from $200 million to $215 million one week prior to transaction closing.
The Terra-Gen Finance portfolio includes ownership interests in 831 MWs (net) of renewable generating capacity (387 MWs geothermal, 364 MWs wind, 80 MWs solar) across 21 projects located in the western United States. The projects are 100 percent contracted during the term of the facility under power purchase agreements maturing from 2014 to 2038.
ABOUT TERRA-GEN POWER:
Terra-Gen Power is a leading renewable energy company headquartered in New York City with offices in San Diego, Denver, and Reno. Its operating company subsidiary Terra-Gen Finance Company owns 831 MW (net) of renewable generating facilities across 21 projects, 20 of which are operated and managed by Terra-Gen. Terra-Gen's development subsidiaries hold over 5,000 MW of wind, geothermal, and solar development projects, including the 3,100 MW Alta Wind Energy Center development project in Tehachapi, CA which is being developed by Terra-Gen's California Highwind Power subsidiary. More information about Terra-Gen can be found at http://www.terra-genpower.com.
ABOUT ARCLIGHT:
ArcLight is one of the world's leading energy investment firms with more than $6.8 billion under management. ArcLight's investment team has extensive energy investing experience, industry relationships, and asset level knowledge. ArcLight is headquartered in Boston, Massachusetts with offices in New York City, London, and Luxembourg. More information about ArcLight can be found at http://www.arclightcapital.com.
SOURCE Terra-Gen Power, LLC
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