Topaz Power to launch $740 million credit facility on Wednesday

By Sara Rosenberg

New York, April 22 - Topaz Power Holdings LLC is scheduled to hold a bank meeting on Wednesday to launch its proposed $740 million senior secured credit facility (BB-), according to a market source.

Morgan Stanley, Dexia, ING and Natixis are the lead banks on the deal.

The facility consists of a $615 million construction term loan talked at Libor plus 325 basis points, a $75 million revolver talked at Libor plus 300 bps and a $50 million construction letter-of-credit talked at Libor plus 300 bps, the source said.

Proceeds will be used to help fund liquidity needs and the cost of building two simple-cycle gas turbine plants, and converting two other plants into combined-cycle gas turbine units.

Topaz Power is an Austin, Texas, power producer.

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