Research Update: EFS Cogen Holdings I LLC Proposed Term Loan And Credit Facility Preliminary 'BB-' Rating Affirmed On Upsizing

On Sept. 23, 2020, S&P Global Ratings affirmed its preliminary 'BB-' project finance issue-level rating on EFS Cogen Holdings I LLC's (EFS Cogen) proposed term loan B (TLB) and revolving credit facility (RCF) after the project upsized the TLB to $1.0 billion from $950 million. The preliminary '2' recovery rating was also affirmed. The outlook is stable. The 'BB-' rating on the existing TLB and RCF is unchanged, and we will withdraw it at the close of the proposed transaction, which is intended to repay that debt. The stable outlook reflects our expectation that the project will continue to operate in line with its historical performance and generate strong debt service coverage ratios (DSCRs) through the TLB and RCF term (2020-2027).

...- On Sept. 23, 2020, S&P Global Ratings affirmed its preliminary '##-' project finance issue-level rating on EFS Cogen Holdings I LLC's (EFS Cogen) proposed term loan B (TLB) and revolving credit facility (RCF) after the project upsized the TLB to $1.0 billion from $950 million. The preliminary '2' recovery rating was also affirmed. The outlook is stable. - The '##-' rating on the existing TLB and RCF is unchanged, and we will withdraw it at the close of the proposed transaction, which is intended to repay that debt. - The stable outlook reflects our expectation that the project will continue to operate in line with its historical performance and generate strong debt service coverage ratios (DSCRs) through the TLB and RCF term (2020-2027). In the post-refinancing period (2027-2035), we expect EFS Cogen to generate DSCRs above 1.3x....

Research Update