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Riverside & Rocky Mountain $665 million term loan launches
By Sara Rosenberg
New York, May 13 - Riverside & Rocky Mountain Project Funding held a bank meeting on Thursday for a proposed $665 million seven-year term loan, according to a syndicate document. Credit Suisse First Boston is the sole lead arranger and bookrunner on the deal.
Pricing on the term loan is still to be determined, according to the document.
Riverside in Beloit, Wis., and Rocky Mountain in Weld County, Colo., are Calpine Corp.'s 600-megawatt, natural gas-fired power plants that are under construction and are expected to enter operation by June.
The loan is secured by the power plants. None of the debt is guaranteed by Calpine.
Proceeds from the loan will be used to refinance existing debt, including repaying the $250 million credit facility for the Rocky Mountain plant and the $230 million credit facility for the Riverside plant. The remaining balance from the term loan will be returned to Calpine and will be used for general corporate purposes.
The term loan is expected to close in June.
Calpine is a San Jose, Calif., power company.
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