...+ Essential Power LLC is refinancing the existing $565 million ($489 million outstanding) term loan B and $75 million revolving credit facility under a new entity and will change its legal name to "Nautilus Power LLC" at financial close. + We are assigning a preliminary 'B+' rating to the proposed $575 million senior secured term loan B and $75 million senior secured revolving credit facility, maturing in 2024 and 2022, respectively. The outlook is stable. The preliminary recovery rating is '2'. + The company will use the proceeds from the recapitalization to refinance the debt related to the June 2016 acquisition and also pay a dividend to the sponsor, funds affiliated with Carlyle Power Partners, an investment fund sponsored by The Carlyle Group. . + The incremental $86 million of debt, continued weak market conditions, and a recent revision to S&P Global Rating's capacity price assumptions have led to a lower rating than the rating on the existing facilities issued by Essential Power....
