Research Update: Essential Power LLC's Senior Secured Debt Rated Preliminary 'B+' (Recovery Rating: Preliminary '2') - S&P Global Ratings’ Credit Research

Research Update: Essential Power LLC's Senior Secured Debt Rated Preliminary 'B+' (Recovery Rating: Preliminary '2')

Research Update: Essential Power LLC's Senior Secured Debt Rated Preliminary 'B+' (Recovery Rating: Preliminary '2') - S&P Global Ratings’ Credit Research
Research Update: Essential Power LLC's Senior Secured Debt Rated Preliminary 'B+' (Recovery Rating: Preliminary '2')
Published Apr 18, 2017
7 pages (2442 words) — Published Apr 18, 2017
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

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.

  
Brief Excerpt:

...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....

  
Report Type:

Research Update

Ticker
0221469D
Issuer
Nautilus Power LLC
GICS
Independent Power Producers & Energy Traders (55105010)
Sector
Global Issuers
Country
United States
Region
United States
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Research Update: Essential Power LLC's Senior Secured Debt Rated Preliminary 'B+' (Recovery Rating: Preliminary '2')" Apr 18, 2017. Alacra Store. May 04, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Essential-Power-LLC-s-Senior-Secured-Debt-Rated-Preliminary-B-Recovery-Rating-Preliminary-2-1833637>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: Essential Power LLC's Senior Secured Debt Rated Preliminary 'B+' (Recovery Rating: Preliminary '2') Apr 18, 2017. New York, NY: Alacra Store. Retrieved May 04, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Essential-Power-LLC-s-Senior-Secured-Debt-Rated-Preliminary-B-Recovery-Rating-Preliminary-2-1833637>
  
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