...- S&P Global Ratings assigned its preliminary '##-' project finance issue rating and '2' recovery rating to Invenergy Thermal Operating I LLC's (ITOI) proposed $325 million term loan B and $25 million term loan C. We do not rate the $150 million revolving credit facility. - The preliminary '2' recovery rating indicates our expectation for substantial (70%-90%; rounded estimate: 75%) recovery in a default scenario. - ITOI will use the proceeds to refinance its existing term loan B ($234 million outstanding), repay debt (about $50 million) used to fund the construction of the now operational Nelson Expansion (NEX) project, and pay a distribution of about $30 million to sponsors Invenergy Clean Power LLC and Infrabridge's Global Infrastructure Fund Platform. - Compared to the existing project structure, the proposed project portfolio will consist of Grays Harbor, Nelson, St. Clair (all three part of the original portfolio), the addition of Nelson Expansion (a new peaking facility adjacent...
