Eastern Power launches $1.22 billion amended and extended term loan B

By Sara Rosenberg

New York, Jan. 13 – Eastern Power LLC held a lender call at 2 p.m. ET on Monday to launch a $1,218,245,767 first-lien term loan B due Oct. 2, 2025 that is talked at Libor plus 375 basis points with a 1% Libor floor, according to a market source.

The term loan has 101 soft call protection for six months, amortization of 1% per annum and a 1.1x debt service coverage ratio, the source said.

Morgan Stanley Senior Funding Inc., Goldman Sachs Bank USA and MUFG are the joint lead arrangers and bookrunners on the deal.

Proceeds will be used to amend and extend by two years an existing term loan B that carries the same Libor plus 375 bps with a 1% Libor floor pricing.

Lenders are being offered a 25 bps amendment fee, the source added.

Commitments/consents are due at 5 p.m. ET on Thursday.

Eastern Power is an owner of gas-fired electric generating stations.

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