Texas Genco Holding's $1.15 billion "B" loan traded actively around 101 3/8-101 5/8 last week. "It's a huge deal, the market likes the asset coverage," a trader said. Texas Genco's "B" loan is part of a financing that backed the $3.65 billion acquisition of Texas Genco Holdings by The Blackstone Group, Hellman & Friedman, Kohlberg Kravis Roberts & Co. and Texas Pacific Group (LMW, 10/18). Goldman Sachs and Morgan Stanley are joint lead arrangers, while Deutsche Bank and Citigroup served acted as bookrunners. The credit also comprises a $325 million revolver, a $200 million letter of credit facility, a $344 million special letter of credit facility and a $475 million delayed-drawn "B" loan. The investor group formed affiliate GC Power Acquisition to purchase the company.
Texas Genco Trades Over Par