Heartland Wind augments loan by $50 million, draws full amount

By Jennifer Chiou

New York, Jan. 5 - Heartland Wind, LLC, an indirect wholly owned subsidiary of FPL Energy, LLC, amended its $322.5 million limited-recourse senior secured variable-rate term loan agreement to increase it by $50 million to $372.5 million on Dec. 30, according to an 8-K filing with the Securities and Exchange Commission.

On Dec. 31, the company borrowed an additional $50 million under the agreement, bringing the total amount borrowed to $372.5 million.

Interest on the loan is payable quarterly and the principal is partially amortizing with a balloon payment of $123.7 million at maturity, which is in December 2016.

The proceeds of the loan will be used to reimburse, in part, capital contributions made by FPL Energy to develop and construct wind generation facilities totaling 309 megawatts and associated transmission facilities located in North Dakota and Iowa, the filing said.

The subsidiary is based in Juno Beach, Fla.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.