Tenaska LCDS Spark Up
A newer name has seen a lot of loan-only credit defaults trade.
A newer name has seen a lot of loan-only credit defaults trade. Tenaska, which came to market in December, has become active, trading around 125-130. "It hasn't traded before; it's just a new name to add to the space," one trader said. Its term loan was trading around 100.525-100.852, according to Markit.
Credit Suisse and Goldman Sachs lead the deal for the Omaha, Neb., power company. The $1.645 billion of loans back Tenaska's acquisition of generation assets from Constellation Energy. At launch, the deal consisted of a five-year, $50 million revolver; a seven-year, $250 million special letters of credit facility; a seven-year, $850 million term loan "B" and an eight-year, $495 million second-lien term loan (CIN, 12/1). A spokeswoman declined comment.