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Linden Cogeneration talks $946 million loan at Libor plus 300-325 bps
By Sara Rosenberg
New York, Oct. 19 – Linden Cogeneration Power Complex (EFS Cogen Holdings I LLC) launched on Thursday its $946,108,254 senior secured first-lien term loan B (Ba3/BB) due June 28, 2023 with price talk of Libor plus 300 basis points to 325 bps with a 1% Libor floor and a par issue price, according to a market source.
The term loan has 101 soft call protection for six months and a debt service coverage ratio covenant of 1.1 times, the source said.
Included in the loan is an excess cash flow sweep of 75% and an amount required to reach a target debt balance.
Morgan Stanley Senior Funding Inc. is the lead bank on the deal.
Proceeds will be used to reprice an existing term loan down.
Commitments are due at noon ET on Wednesday, 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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