West Deptford to launch $500 million credit facilities on Monday

By Sara Rosenberg

New York, July 12 – West Deptford Energy Holdings LLC is scheduled to hold a bank meeting at 1 p.m. ET in New York on Monday to launch $500 million of credit facilities, according to a market source.

Credit Suisse Securities (USA) LLC is the left lead arranger on the deal.

The facilities consist of a $55 million revolver and a $445 million seven-year first-lien term loan B, the source said.

The term loan B has 101 soft call protection for six months and a 1.1x minimum debt service coverage ratio covenant.

Proceeds will be used to refinance existing debt and fund a shareholder distribution.

Commitments are due at 5 p.m. ET on July 29, the source added.

Expected credit facilities ratings are Ba3/BB-.

West Deptford is a 744 MW gas-fired combined-cycle power generation facility.

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