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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First Wind and Emera have withdrawn a proposed $385 million debt package for the Northeast Wind portfolio.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.

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