Presale Report: Invenergy Thermal Operating I LLC

Invenergy Thermal Operating I LLC (Invenergy) owns six electric power plants; five are in operation and one is under construction. Sponsor Invenergy Clean Power LLC (ICP) intends to raise about $5377 million with a term loan B at Invenergy to refinance $225 million in project-level debt. The refinancing, along with $100 million of equity infusion, also retires $380 million of existing debt at intermediate holding companies, and pays for other uses such as prefunding reserves, swap-breakage costs, fees, and expenses. On July 17, 2015, Standard&Poor's Ratings Services assigned its preliminary 'B+' rating to Invenergy's approximate $537 million term loan B due 2022 and $70 million revolving credit facility due 2020. The outlook is stable. We also assigned our

...Invenergy Thermal Operating I LLC (Invenergy) owns six electric power plants; five are in operation and one is under construction. Sponsor Invenergy Clean Power LLC (ICP) intends to raise about $5377 million with a term loan B at Invenergy to refinance $225 million in project-level debt. The refinancing, along with $100 million of equity infusion, also retires $380 million of existing debt at intermediate holding companies, and pays for other uses such as prefunding reserves, swap-breakage costs, fees, and expenses. On July 17, 2015, Standard & Poor's Ratings Services assigned its preliminary 'B+' rating to Invenergy's approximate $537 million term loan B due 2022 and $70 million revolving credit facility due 2020. The outlook is stable. We also assigned our preliminary '2' recovery rating to the term loan and credit facility, indicating meaningful (70% to 90%; upper half of the band) recovery under a default scenario. Finalization of ratings is subject to documentation review. Invenergy...

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