Moody's rates Generation Bridge loans Ba2

Moody's Investors Service said it assigned a Ba2 rating to Generation Bridge II, LLC's $405 million senior secured credit facilities consisting of a seven-year $325 million term loan B, a seven-year $40 million term loan C and a $40 million revolver.

“The Ba2 rating for the senior secured credit facilities considers the project's near-term cash-flow visibility, with substantial cleared-capacity revenue through 2026 accounting for about 34% of revenues under Moody's base case, and projected financial metrics solidly within the Ba-category including average debt-service coverage ratios (DSCR) around 2x,” the agency said in a press release.

Generation Bridge II will use term loan proceeds and $139 million of equity from sponsor Arclight Energy Partners Fund VII to buy three gas-fired merchant power plants totaling 1.8 gigawatts from Public Service Enterprise Group Inc.

The outlook is stable.

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