Invenergy Thermal Operating I LLC(Invenergy) owns six electric power plants; five are in operation and one is under construction. Sponsor Invenergy Clean Power LLC (ICP) intends to raise about $537 million with a term loan B at Invenergy Thermal Operating I LLC to refinance $225 million in project-level debt. The refinancing, along with $100 million of 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 $537 million term loan B due August 2022 and $70 million revolving credit facility due 2020. We also assigned our preliminary '2' recovery rating to the debt. The
