Generation Bridge upsizes incremental term loan B to $45 million; commitments due Tuesday

By Paul A. Harris

Portland, Ore., Sept. 26 – Generation Bridge II LLC upsized its fungible incremental senior secured term loan B due February 2029 to $45 million from $32.5 million, according to a market source.

Commitments are due at noon ET on Tuesday.

As reported, price talk on the incremental term loan is SOFR+CSA plus 500 basis points with a 0.5% floor and an original issue discount of 98.56, the source said.

CSA is 11 bps one-month rate, 26 bps three-month rate and 43 bps six-month rate.

The incremental term loan has 101 soft call protection until February 2023, the same as the existing term loan.

Expected term loan ratings are Ba2/BB-.

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

Proceeds, including the additional proceeds resulting from the $22.5 million upsizing of the loan, will be used to fund a distribution to equity holders.

With this transaction, pricing on the company’s existing term loan B will convert to SOFR from Libor. The spread is unchanged at 500 bps with a 0.5% floor.

Lenders are being offered a 50 bps consent fee.

Generation Bridge is an operator of power generation facilities.

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