Generation Bridge talks $365 million of loans at Libor plus 500 bps

By Sara Rosenberg

New York, Dec. 2 – Generation Bridge II LLC launched on Thursday its $325 million seven-year term loan B and $40 million seven-year term loan C with price talk of Libor plus 500 basis points with a 0.5% Libor floor and an original issue discount of 99, according to a market source.

The senior secured term loan debt (BB-) has 101 soft call protection for six months, ticking fees of half the margin from days 46 to 90 and the full margin thereafter, and a minimum debt service coverage ratio covenant of 1.1x, the source said.

Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA and MUFG are the lead arrangers on the deal.

Commitments are due at 5 p.m. ET on Dec. 15.

Proceeds will be used to fund the acquisition of power generation facilities from PSEG.

Generation Bridge is an operator of power generation facilities.

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