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Entegra Power to launch $1.33 billion credit facility Thursday
By Sara Rosenberg
New York, March 5 - Entegra Power Group LLC is scheduled to hold a bank meeting on Thursday afternoon to launch its proposed $1.33 billion credit facility, according to a market source.
Lehman and Credit Suisse are joint bookrunners on the deal.
The facility consists of a $30 million synthetic revolver, a $450 million second-lien term loan that is talked at Libor plus 250 to 275 basis points, and an $850 million third-lien mezzanine tranche that is talked at Libor plus 700 bps PIK, the source said.
Proceeds will be used to repay existing debt.
Entegra is a Tampa, Fla., owner and operator of power plants.
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