Research Update: EFS Cogen Holdings I LLC Term Loan B Assigned 'BB-' Rating; Recovery Rating: '1'

On Oct. 3, 2024, EFS Cogen Holdings I LLC (Linden Cogen) completed the refinancing of its term loan, raising $1 billion in a senior secured term loan B (TLB), $60 million term letter of credit facility (TLOC), and $55 million super-priority revolving credit facility (RCF). S&P Global Ratings assigned its 'BB-' project finance rating to Linden Cogen's TLB, TLOC facility, and the RCF. The recovery rating on the TLB and TLOC is '1'; the recovery rating on the RCF is '1+'. The project's operating risk profile continues to reflect its well-established position in one of the premium merchant power markets in the U.S., access to some contractual cash flows, operational and technical track record, and exposure to market risks throughout

...- On Oct. 3, 2024, EFS Cogen Holdings I LLC (Linden Cogen) completed the refinancing of its term loan, raising $1 billion in a senior secured term loan B (TLB), $60 million term letter of credit facility (TLOC), and $55 million super-priority revolving credit facility (RCF). - S&P Global Ratings assigned its '##-' project finance rating to Linden Cogen's TLB, TLOC facility, and the RCF. The recovery rating on the TLB and TLOC is '1'; the recovery rating on the RCF is '1+'. - The project's operating risk profile continues to reflect its well-established position in one of the premium merchant power markets in the U.S., access to some contractual cash flows, operational and technical track record, and exposure to market risks throughout the forecast operating life. - Based on our view of Linden Cogen's competitive potential, as well as projections of market-driven variables such as energy and capacity pricing across the New York Independent System Operator (NYISO), we forecast a minimum debt...

Research Update