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Dynegy Closes $1.3B Term Loan Facilities, $475MM With Lending Group

April 24, 2013, 07:31 AM
Filed Under: Energy

Dynegy Inc. closed $1.775 billion in new credit facilities including $1.3 billion in new senior, secured term loans and a $475 million corporate revolver. The proceeds of the term loans were used, together with cash on hand, to repay existing indebtedness at its Dynegy Power, LLC (GasCo) and Dynegy Midwest Generation, LLC (CoalCo) subsidiaries and fund related transaction fees and expenses. The two term loans, totaling $800 million and $500 million, mature in 2020 and are priced at LIBOR plus 300 basis points with a LIBOR floor of one percent. The loans were offered to investors below par with an original issue discount of 99.5. The new five-year, $475 million revolving credit facility at Dynegy Inc. replaces an existing $150 million GasCo revolving credit facility. The interest rate charged on borrowings under the revolver will be LIBOR plus 275 basis points with no LIBOR floor.

Credit Suisse, Morgan Stanley, Bank of America Merrill Lynch, Barclays, Deutsche Bank, Goldman Sachs, J.P. Morgan, Royal Bank of Canada and UBS acted as lead arrangers and Union Bank of California acted as co-manager for the Term Loan facilities. All are lenders under the revolving credit facility.

Dynegy's subsidiaries produce and sell electric energy, capacity and ancillary services in key U.S. markets.

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