...+ CPV Shore Holdings LLC (CPV), the owner of the Woodbridge Energy Center in New Jersey, has issued a $425 million senior secured term loan B due 2025 and a $120 million senior secured revolving credit facility due 2023. CPV utilized proceeds from the issuance primarily to partly refinance a prior term loan and partly to fund distributions to sponsors. + Woodbridge Energy Center is a natural gas fired power plant that sells energy and capacity into the Pennsylvania-New Jersey-Maryland (PJM) Interconnection, a market pressured by weak demand growth and oversupply. + The plant has the operational risk characteristics of typical gas-fired power generators. Based on our view of market-driven variables, such as power demand, the pace of retirement for uneconomical units, commodity prices, and capacity auction cleared prices, we forecast Woodbridge's realized spark spreads in conjunction with its dispatch characteristics to provide a minimum debt service coverage ratio (DSCR) of at least 1.47x...
