Linden Cogeneration to launch $1.13 billion facility on Wednesday

By Sara Rosenberg

New York, June 6 – Linden Cogeneration (EFS Cogen Holdings I LLC) is scheduled to hold a bank meeting at 10:30 a.m. ET in New York on Wednesday to launch a $1,125,000,000 senior secured credit facility, according to a market source.

Morgan Stanley Senior Funding Inc., Barclays, Citigroup Global Markets Inc. and MUFG are the leads on the deal.

The facility consists of a $125 million revolver and a $1 billion first-lien term loan B, the source said.

Proceeds will be used to recapitalize the borrower in connection with Ares EIF’s acquisition, to refinance Linden’s existing debt and to fund a debt service reserve account, the source added.

Linden Cogeneration is the owner of a natural gas-fired combined-cycle cogeneration project, located in Linden, N.J.

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