S&P gives Astoria Energy loan BB-

S&P said it assigned its preliminary BB- project finance issue rating and 2 recovery rating to Astoria Energy LLC's new $800 million term loan B, $38 million revolving credit facility and $22 million debt service reserve letter of credit facility.

The BB- rating on the existing TLB and revolver is unchanged, and S&P will withdraw it at the close of the proposed transaction, which is intended to repay that debt.

Proceeds will be used to repay $644 million of debt, a $131 million one-time dividend to equity holders and pay $19 million in transaction-related fees and expenses.

The outlook is stable.

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