Bayonne talks $500 million term loan at Libor plus 375 to 400 bps

By Paul A. Harris

Portland, Ore., June 4 - Bayonne Energy Center LLC set pricing for its $500 million seven-year term loan B at Libor plus 375 to 400 basis points with a 1% Libor floor.

The original-issue discount was set at 99 and the loan has a 101 soft call for one year.

Commitments are due on June 18.

The $530 million senior secured credit facility (Ba3/BB) also features a $30 million five-year revolver.

Morgan Stanley Senior Funding Inc., Macquarie Capital (USA) Inc. and Credit Agricole CIB are the leads on the deal.

Proceeds will be used to fund Arclight Capital Partners LLC's acquisition of the remaining 50% interest in Bayonne Energy that it does not currently own.

Bayonne Energy is a Bayonne, N.J., power generation facility.

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