Linden Cogeneration sets $946 million loan at Libor plus 325 bps

By Sara Rosenberg

New York, Oct. 25 – Linden Cogeneration Power Complex (EFS Cogen Holdings I LLC) firmed pricing on its $946,108,254 senior secured first-lien term loan B (Ba3/BB) due June 28, 2023 at Libor plus 325 basis points, the high end of the Libor plus 300 bps to 325 bps talk, according to a market source.

The term loan still has a 1% Libor floor, a par issue price, 101 soft call protection for six months, a debt service coverage ratio covenant of 1.1 times, and 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.

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

© 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.