Research Update: Invenergy Thermal $465 Million Debt Is Rated Preliminary 'B+; Outlook Stable (Recovery Rtg: Prelim '1')

Sponsor Invenergy Clean Power LLC (ICP) intends to raise about $395 million with a term loan B at Delaware-based power generator Invenergy Thermal Operating I LLC and a $200 million term loan C to refinance $225 million in project-level debt. The refinancing, along with $50 million in incremental equity, 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. We are assigning our preliminary 'B+' rating to Invenergy's approximate $395 million term loan B due October 2022 and $70 million first-lien working capital loan facility due 2020. We also assigned our preliminary '1' recovery rating to the debt. We are also withdrawing the 'B+' preliminary

...Sponsor Invenergy Clean Power LLC (ICP) intends to raise about $395 million with a term loan B at Delaware-based power generator Invenergy Thermal Operating I LLC and a $200 million term loan C to refinance $225 million in project-level debt. The refinancing, along with $50 million in incremental equity, 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....

Research Update