Generation Bridge firms $846 million term loan B at SOFR plus 350 bps

By Sara Rosenberg

New York, March 15 – Generation Bridge Northeast LLC finalized pricing on its $846.3 million senior secured term loan B due Aug. 22, 2029 (Ba2/BB) at SOFR plus 350 basis points, the low end of the SOFR plus 350 bps to 375 bps talk, according to a market source.

As before, the term loan has a 0% floor, an original issue discount of 99.75 for new money, a par issue price for existing lenders, 101 soft call protection for six months and a debt service coverage ratio covenant.

Jefferies LLC, BMO Capital Markets, Goldman Sachs Bank USA and MUFG are the arrangers on the deal.

Proceeds will be used to reprice an existing term loan B down from SOFR plus 425 bps with a 0% floor.

Generation Bridge Northeast is an owner of power generation facilities in the Northeast representing about 5 GW of generation capacity diversified across three ISO markets.

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