Astoria Energy launches $775 million term B at Libor plus 350-375 bps

By Sara Rosenberg

New York, Dec. 3 – Astoria Energy LLC launched on Wednesday its $775 million seven-year term loan B with price talk of Libor plus 350 basis points to 375 bps with a 1% Libor floor and an original issue discount of 99, according to a market source.

The term loan has 101 soft call protection for one year, the source said.

Additionally, the term B has amortization of 1% per annum and a 75% excess cash flow sweep.

The company’s $845 million senior secured credit facility also includes a $70 million five-year revolver.

Commitments are due on Dec. 15, the source added.

Morgan Stanley Senior Funding Inc. and Natixis Securities Americas LLC are the joint lead arrangers and bookrunners on the deal.

Proceeds will be used to repay existing debt and make a one-time distribution to the sponsors.

Astoria Energy is an owner of operating electric power generation facilities in New York.

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