EFS Cogen Holdings I LLC, which owns 942 megawatts (MW) of natural gas-fired combined cycle cogeneration facilities in Linden, N.J., is issuing $825 million of first-lien senior secured debt due in 2020 and establishing a related $100 million senior secured revolving credit facility due in 2018. EFS Cogen will use the proceeds to refinance all outstanding debt related to the assets, including obligations at predecessor company East Coast Power LLC (ECP), and to make a distribution to GE Energy Financial Services (GE EFS), the 100% owner of ECP, in connection with the acquisition by Highstar Capital IV L.P. of a 50% interest in EFS Cogen. We are assigning our preliminary 'BB+' rating and a preliminary '1' recovery rating to the
