NEW YORK--()--US Power Generating Company (USPowerGen) today announced that it has completed the refinancing of the credit facilities of its subsidiary, Astoria Generating Company Holdings L.L.C. (Astoria Generating). The new $455 million credit facility consists of a $425 million term loan and a $30 million revolving facility.
“We are pleased to have successfully completed this refinancing, which provides us with a significantly greater level of financial and operational flexibility”
“We are pleased to have successfully completed this refinancing, which provides us with a significantly greater level of financial and operational flexibility,” said Mark Sudbey, CEO of USPowerGen. “The EL11-50 order issued by the Federal Energy Regulatory Commission (FERC) on September 10, 2012 removed some regulatory uncertainty around capacity prices, and paved the way for a fair and competitive power market. This action by FERC gave our lenders the confidence they needed to complete this transaction. We believe that the new capital structure will immediately serve to support the financial obligations of Astoria now and in the future.”
The $425 million term loan and revolving facility both mature in 2017. USPowerGen will make an equity contribution and Astoria Generating will use available cash to fund the transaction.
USPowerGen retained Goldman, Sachs & Co. to act as lead administrative agent with Goldman, Morgan Stanley and Bank of America Merrill Lynch working as joint lead arrangers, bookrunners and syndication agents.
US Power Generating Company ("USPowerGen") owns and operates fifty-three generating units at three facilities with a total summer capacity of over 2,180 Megawatts (MW). USPowerGen subsidiary sells energy and capacity into the NYISO deregulated market. The company represents generation sufficient to serve approximately 20% of the overall load in New York.