Axium closes refinancing of 286 MW cogeneration project in US
Axium Infrastructure has closed a multi-tranche refinancing of the senior debt associated with the 286 MW Brooklyn Navy Yard Cogeneration dual-fuel project in New York, which it acquired from Ares on 2018.
Winston & Strawn represented Brooklyn Navy Yard Cogeneration Partners, L.P. (BNYCP) in connection with the issuance of US$322,512,400 of senior secured notes privately placed with institutional investors, a US$30 million letter of credit facility provided by Santander Bank, N.A., and a US$82,125,000 subordinated loan from Build NYC Resource Corporation made from the proceeds of tax-exempt refunding revenue bonds issued by Build NYC and initially purchased by Barclays Capital, Inc. The transaction closed on February 14, 2019.
BNYCP owns the Brooklyn Navy Yard Cogeneration Facility, a 286 MW dual fuel power plant that provides steam and electricity under long-term offtake agreements with the Consolidated Edison Company of New York (ConEd) and the Brooklyn Navy Yard Development Corporation.
