Dynegy prices seven-year term loan for acquisition
Dynegy Inc. has announced completion of the pricing and allocation of a seven-year term loan totaling US$2 billion for the acquisition of U.S. fossil generation assets from an indirect subsidiary of ENGIE S.A.
At closing of the acquisition, Dynegy intends to use net proceeds of the term loan together with borrowings under its revolving credit facilities, proceeds from the sale of common equity to Energy Capital Partners, and cash-on-hand, to fund the acquisition and pay related fees and expenses.
The interest rate for the term loan, which matures in 2023, is LIBOR plus 400 basis points with a LIBOR floor of one percent. The loans were offered to investors at an original issue discount of 99.0.
Morgan Stanley & Co. LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Mitsubishi UFJ Securities (USA), Inc., RBC Capital Markets, LLC, BNP Paribas Securities Corp., Credit Agricole Securities (USA) Inc. and SunTrust Robinson Humphrey, Inc. acted as lead arrangers for the term loan facility.
Clint Freeland, Dynegy executive vice president and chief financial officer said:
“We are very pleased with the successful execution of the term loan B financing which, together with the Tangible Equity Unit closing earlier this week, completes Dynegy’s public market financing requirement for the ENGIE portfolio acquisition”
Country news
-
-
June 29, 2016
SunEdison appoints John S. Dubel as Chief Executive Officer
SunEdison, a firm that develops, finances, installs, owns and operates renewable power plants, has appointed John S. Dubel as the company's Chief Executive Officer. Read more -
June 24, 2016
D. E. Shaw Renewable Investments announces the acquisition of Portal Ridge Solar Project
D. E. Shaw Renewable Investments, L.L.C. (DESRI) has acquired the a 31 MW-ac solar facility located in Lancaster, California from First Solar, Inc. Read more -
June 22, 2016
Invenergy sells majority stake in Texas wind project
Invenergy has sold a 90.1% stake in the 257 MW Wake wind project in Dickens, aCrosby and Floyd Counties in Texas, USA, to Southern Power. Read more -
June 22, 2016
Alterra Power acquires 200 MW Flat Top Wind Development Project
Alterra Power Corp. has acquired the Flat Top wind project, a 200 MW wind farm under development in Comanche County and Mills County, Texas. Read more -
June 21, 2016
BlackRock closes on the purchase of 50 % Interest in Texas Wind Project
BlackRock Real Assets has entered into an agreement to purchase GE Energy Financial Services’ 50% interest in the Grandview wind project. Read more
