Linden Cogeneration upsizes term B to $1.05 billion, sets pricing

By Sara Rosenberg

New York, June 21 – Linden Cogeneration Power Complex (EFS Cogen Holdings I LLC) raised its seven-year first-lien term loan B to $1.05 billion from $1 billion and firmed pricing at Libor plus 425 basis points, the low end of the Libor plus 425 bps to 450 bps talk, according to a market source.

The term loan B still has a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.

The company’s now $1,175,000,000 senior secured credit facility, up from $1,125,000,000, also includes a $125 million five-year revolver.

Commitments are due by noon ET on Wednesday. Allocations are expected thereafter, the source said.

Morgan Stanley Senior Funding Inc., Barclays, Citigroup Global Markets Inc., MUFG, GE, Investec and ICBC are the joint lead arrangers and bookrunners on the deal.

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.

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

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