Boston Gen Credit Flexed Down

The first lien of Boston Generating's $2.1 billion credit facility was flexed down 75 basis points last week, according to an investor.

  • 15 Dec 2006
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The first lien of Boston Generating's $2.1 billion credit facility was flexed down 75 basis points last week, according to an investor. Price talk was originally LIBOR plus 3% on the first lien and LIBOR plus 5% on the second lien (CIN, 12/8). A reason for the pricing change could not be determined.

Led by Credit Suisse and Goldman Sachs, the deal consists of a five-year, $70 million revolver; a seven-year, $250 million synthetic letter of credit; a seven-year, $1.08 billion "B" term loan; a seven-and-a-half-year, $400 million second-lien term loan and a ten-year, $300 million holdco mezzanine tranche (12/8). Originally launched Dec. 4, buysiders felt it was a good deal and a good company.

Boston Generating is owned by EGB Holdings and K-Road Ventures. Calls to spokesmen for both were not returned.

  • 15 Dec 2006

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