TerraForm Power talks $300 million term loan B at Libor plus 325 bps

By Sara Rosenberg

New York, Oct. 26 – TerraForm Power Operating LLC launched on Thursday its $300 million five-year covenant-light term loan B (Ba1/BB+) with price talk of Libor plus 325 basis points with a 1% Libor floor and an original issue discount of 99.5, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

RBC Capital Markets, the Bank of Nova Scotia, BMO Capital Markets, HSBC Securities (USA) Inc., Natixis and SMBC are the leads on the deal.

Commitments are due on Nov. 8, the source added.

Proceeds will be used with cash on hand to repay a non-recourse portfolio term loan that was entered into in December 2015.

TerraForm Power is a Bethesda, Md.-based owner and operator of a renewable power portfolio of solar and wind assets. The company is sponsored by Brookfield Asset Management.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.