EquiPower $683 million term loan breaks for trading above par

By Sara Rosenberg

New York, Oct. 24 - EquiPower Resources Holdings' $683 million first-lien term loan (Ba3/BB) due Dec. 21, 2018 freed up for trading on Wednesday at par ¼ bid, 101 offered, according to a market source.

Pricing on the loan is Libor plus 425 basis points, after firming earlier this week at the tight end of the Libor plus 425 bps to 450 bps talk.

The loan has a 1.25% Libor floor and 101 soft call protection for one year, and was sold at par.

Barclays, Deutsche Bank Securities Inc., Goldman Sachs & Co. and Morgan Stanley Senior Funding Inc. are leading the deal.

Proceeds will be used to reprice an existing term loan from Libor plus 500 bps with a 1.5% Libor floor.

Existing lenders will get paid down at 101 as a result of call protection.

EquiPower is a Hartford, Conn.-based competitive power generation company that is owned by Energy Capital Partners LLC.

© 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.