Terra-Gen Finance Co. LLC, a subsidiary of Terra-Gen Power LLC, has closed a $240 million debt facility for its portfolio of 831 MW of renewable energy generating assets, including 364 MW of wind power.
The corporate debt facilities are composed of a $215 million, 2.5-year senior secured term loan and a $25 million, 2.5-year senior secured working capital facility. The term loan was used to refinance an existing corporate credit facility and to pay transaction fees and expenses.
The working capital facility will be used to support the issuance of project and corporate level letters of credit and for other general corporate purposes.
Citigroup and BNP Paribas served as joint lead arrangers for the transaction. The lender group also included participating interests from Bank of Montreal, Barclays, Credit Suisse, Fortress, ING, Natixis, Union Bank of California and UBS. BNP Paribas served as administrative agent, Citigroup as syndication agent, and Natixis and ING as co-documentation agents for the lender group.
SOURCE: Terra-Gen Power LLC