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First Wind and Emera pull Northeast Wind 

Credit:  23 August 2013 | /www.projectfinancemagazine.com ~~

First Wind and Emera have withdrawn a proposed $385 million debt package for the Northeast Wind portfolio. The sponsors struggled to attract commitments at the 425-450bp over Libor margin they wanted on the deal’s $325 million B loan component. The floated pricing also had a 1% Libor floor, an original issue discount of 99 and a soft call of 101% of par.

Morgan Stanley and Goldman Sachs were the leads on the proposed seven-year facility, alongside BNP Paribas, Key Bank and Union Bank. Moody’s Investors Service had rated the borrower for the debt, Northeast Wind Capital II, Ba3 with a stable…

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Source:  23 August 2013 | /www.projectfinancemagazine.com

This article is the work of the source indicated. Any opinions expressed in it are not necessarily those of National Wind Watch.

The copyright of this article resides with the author or publisher indicated. As part of its noncommercial educational effort to present the environmental, social, scientific, and economic issues of large-scale wind power development to a global audience seeking such information, National Wind Watch endeavors to observe “fair use” as provided for in section 107 of U.S. Copyright Law and similar “fair dealing” provisions of the copyright laws of other nations. Send requests to excerpt, general inquiries, and comments via e-mail.

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