Invenergy Thermal Operating I LLC (ITOI) revised the amount of its term loan B (TLB) upsize to $75 million instead of its original plans to issue an additional $50 million. We are affirming our 'BB' rating on the $425 million TLB ($350 million original issuance plus $75 million proposed add-on). The recovery rating is unchanged at '1', indicating our expectation of very high recovery (90%-100%, rounded estimate: 90%) in a default. The ratings outlook remains stable. On Aug. 13, 2019, S&P Global Ratings affirmed its 'BB' rating on ITOI's proposed $75 million upsize. If lenders approve the amendment, ITOI will have an estimated $403.6 million debt outstanding (pro forma TLB is $328.6 million net of amortization and cash sweeps as
