First Wind, Emera Joint Venture Issues New Corporate Credit Facility

NA Windpower, Friday 15 November 2013 - 11:13:37

Northeast Wind, the joint venture of First Wind and Emera, has issued a new corporate credit facility consisting of a $320 million term loan B debt facility and a $75 million letter of credit facility.

According to the companies, pricing on the new term loan was set at LIBOR plus 400 basis points with a 1% LIBOR floor, with 99% of original issue discount. The proceeds were used to refinance the joint venture’s existing debt.

“We are pleased that our offering was highly attractive in this market. It demonstrates a high level of confidence in the wind industry and in our joint venture with Emera,” says Paul Gaynor, CEO of First Wind. “The partners in this joint venture continue to work together to improve the operating efficiency of the project portfolio and look forward to new investments in 2014.”

Morgan Stanley, Goldman Sachs, BNP Paribas, KeyBank, Union Bank, CIT Group, Industrial and Commercial Bank of China were joint lead arrangers and joint book-runners for the syndication of the term loan B facility.





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