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TXU Generation $11 billion facility to be led by Morgan Stanley, Citi
By Sara Rosenberg
New York, Aug. 11 - TXU Generation Development Co. LLC's proposed $11 billion credit facility is going to be led by Morgan Stanley and Citigroup, according to a market source.
The credit facility will include a mix of first- and second-lien debt, according to a 10-Q recently filed with the Securities and Exchange Commission.
Proceeds will be used to fund the development and construction of 11 lignite/coal-fired generation units in Texas, with a total net capacity estimated at 9,079 MW.
Borrowings under the facility are expected to be nonrecourse to TXU Corp.
The credit facility is expected to close in the fall.
TXU Generation is a subsidiary of Dallas-based energy company TXU Corp. that was established for the purpose of developing and constructing the generation facilities.
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