Morgan Stanley, Others Arrange Northeast Wind Term Loan and Facility
First Wind announced that its joint venture with Emera, Northeast Wind, issued a new corporate credit facility, consisting of a $320 million Term Loan B debt facility and a $75 million letter of credit facility. Morgan Stanley, Goldman Sachs, BNP Paribas, KeyBank, Union Bank, CIT Group, Industrial and Commercial Bank of China were joint lead arrangers and joint bookrunners for the syndication of the Term Loan B facility.
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,” said 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.”
Boston-based First Wind develops, finances, builds and operates utility-scale renewable energy projects throughout the United States.
Northeast Wind Partners is a joint venture between First Wind and Emera, which includes 419 MW of wind power projects in the Northeast U.S.