Around $200 million of Astoria Generating's paper has traded since it broke Feb. 23. A trader said it was of the most actively traded names last week. Astoria's $430 million first-lien term loan broke at 101 3/8, while its $300 million second lien broke at 102 1/2. The second lien dipped to 102 last week. The trader said a lot of buyers from a variety of financial institutions were interested in the paper. "It is a large loan that is a good credit. There is a lot of interest for energy paper," said one trader.
Morgan Stanley and Goldman Sachs lead the deal, which also consists of a $100 million working capital facility and a $120 million synthetic letter of credit. The financing backs US Power's $975 million acquisition of Astoria Generating from Reliant Resources.