NSG Holdings cuts spread on $146 million term B to Libor plus 350 bps

By Sara Rosenberg

New York, Dec. 4 - NSG Holdings LLC reduced pricing on its $146 million term loan B to Libor plus 350 basis points from talk of Libor plus 375 bps to 400 bps, according to a market source.

The 1.25% Libor floor, original issue discount of 99 and 101 soft call protection for one year were left unchanged.

The company's $230 million credit facility (Ba1/BB+) also includes a $44 million debt service reserve letter-of-credit facility and a $40 million performance letter-of-credit facility.

Pricing on the debt service reserve letter-of-credit facility firmed at Libor plus 375 bps, the tight end of the Libor plus 375 bps to 400 bps talk, and pricing on the performance letter-of-credit facility firmed at Libor plus 275 bps, the low end of the Libor plus 275 bps to 300 bps guidance, the source added.

Both letter-of-credit facilities are being offered with a 1% upfront fee.

BNP Paribas Securities Corp. is the lead bank on the deal.

Proceeds will be used to refinance existing debt and to fund a dividend.

NSG Holdings is a subsidiary of Northern Star Generation LLC, a Houston-based power generation company.

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