ExGen Renewables lifts term loan B to $850 million, tightens pricing

By Sara Rosenberg

New York, Nov. 15 – ExGen Renewables IV LLC increased the size of its seven-year senior secured term loan B to $850 million from $750 million and trimmed pricing to Libor plus 300 basis points from Libor plus 325 bps, according to a market source.

Furthermore, the original issue discount on the term loan was tightened to 99.75 from 99.5, the source said.

As before, the term loan has a 1% Libor floor and 101 soft call protection for six months.

Morgan Stanley Senior Funding Inc. is the lead bank on the deal.

Commitments are due at noon ET on Thursday, the source added.

Proceeds will be used to make a distribution to Exelon Corp., fund debt service reserve and liquidity accounts and pay related transaction fees and expenses. The additional proceeds from the loan upsizing will be used to increase the dividend.

ExGen Renewables, an indirect wholly owned subsidiary of Exelon, indirectly owns a material interest in 33 operating renewable generation projects located within the United States with a total capacity of about 1,791 MW.

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