A $455 million non-recourse finance loan for Tenaska Alabama II Partners is nearing the end of syndication, while Tenaska Energy has two more projects in the pipeline this year, said Michael Lawler, v.p. of finance and treasurer for Omaha, Neb.-based Tenaska Energy. Lawler said that two other deals are being prepared, but he declined comment on the names of the projects, banks leading the deals, timing or amounts. A source said that the two deals would total more than $1 billion.
The Alabama project loan is led by administrative agent Toronto-Dominion Bank, syndication agents Credit Lyonnais and DG Bank and documentation agents Bank of Tokyo-Mitsubishi and HypoVereinsbank. The credit comprises a $390 million construction loan and a $40 million bridge loan. Pricing in the first year is LIBOR plus 3/8% rising 1/8% in years two, four and six. The deal was launched at the end of May.