First Wind and Emera have withdrawn a proposed $385 million debt package for the Northeast Wind portfolio.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…
Take a free website trial to read this article.
|Wind Watch relies entirely
on User Funding