CenTrio, a district energy provider, completed a comprehensive refinancing that strengthens the company’s capital structure, extends debt maturities and enhances financial flexibility to support long-term growth.
The transaction includes a new $485 million HoldCo credit facility composed of a $210 million senior term loan, $150 million delayed draw term loan to support investments in future growth, $50 million revolving credit facility and $75 million letter of credit facility.
Apterra Infrastructure Capital acted as sole bookrunner and joint lead arranger for the transaction, which was significantly oversubscribed.
“The depth of investor demand for this transaction underscores the strength of CenTrio’s model as a leading sustainable energy provider with a multi-decade track record of reliability and diverse, nationwide customer base,” Ralph Cho and Michael Pantelogianis, co-CEOs of Apterra, said. “Apterra was proud to support CenTrio in this financing, which showcases our ability to structure and deliver bespoke solutions for critical infrastructure platforms.”
ING Capital and Mizuho also backed the transaction as joint lead arrangers.
The HoldCo transaction was supported by distributions from a $130.5 million project financing of one of CenTrio’s concessions and incremental sponsor capital. ING Capital sourced the term-loan bridge structure for this project financing.
“As joint sponsors, QIC and Ullico have a shared commitment to the long-term growth and success of CenTrio’s business, which this transaction represents,” Marietta Moshiashvili, partner of QIC Infrastructure, the majority sponsor, said.
Eric Miller, CEO of CenTrio, added, “Our enhanced capital structure positions CenTrio to continue investing in reliable, efficient and sustainable district energy infrastructure assets while expanding our partnerships with municipalities, universities, healthcare systems and data center customers. I sincerely appreciate the CenTrio team and our lending partners whose dedication and collaboration were instrumental in bringing this transaction to a successful close.”
Mayer Brown served as counsel to CenTrio, and Kirkland & Ellis acted as counsel to Apterra Infrastructure, ING Capital, Mizuho and other lenders.
