Bayonne Energy to launch $530 million credit facility on Wednesday

By Sara Rosenberg

New York, June 3 - Bayonne Energy Center LLC is set to hold a bank meeting at 10 a.m. ET in New York on Wednesday to launch a $530 million senior secured credit facility, according to a market source.

Morgan Stanley Senior Funding Inc., Macquarie Capital (USA) Inc. and Credit Agricole CIB are the leads on the deal.

The facility consists of a $30 million revolver and a $500 million term loan B, the source said.

Proceeds will be used to fund Arclight Capital Partners LLC's acquisition of the remaining 50% interest in Bayonne Energy that it does not currently own.

Bayonne Energy is a Bayonne, N.J., power generation facility.

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