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Ares-EIF has hired a pair of banks to market a term loan B to refinance a combined-cycle cogeneration project in Texas.
Ares-EIF has hired a pair of banks to market a term loan B to refinance a combined-cycle cogeneration project in Texas.
Morgan Stanley is bookrunner and Investec is joint lead arranger on the $275 million seven-year term loan to refinance EIF Channelview Cogeneration, an 856 MW combined-cycle plant in the Houston Ship Channel. The package also includes a $30 million revolving credit facility.
Price talk was pegged at 450 to 475 basis points over Libor with a 1% floor and an original issue discount of 99% after a lender call on April 3. Commitments are due by April 13.
Lenders are also being offered a six-month debt-service reserve account,...