Copying and distributing are prohibited without permission of the publisher
First Reserve's Longview amendment fails
19 August 2010
Read more:
[longview]
[first reserve]
[coal]
[amendment]
[siemens]
[aker]
Energy private equity sponsor First Reserve has failed to get lender consent for a partial refinancing amendment to the $1.1 billion in debt facilities on its Longview plant. First Reserve wanted banks to consent to amendments that might allow it to partially refinance the bank and B loan debt in the high yield market but leave some of the existing debt in place. Lenders rejected the amendments, saying that the inconvenience of agreeing to intercreditor arrangements amounted to a refinancing, and that they wanted to see a pricing increase from 250bp over Libor, Longview's current below-market margin, to something closer to 300bp.
Longview, a 769MW supercritical coal-fired...
You must be logged in to view this page. If you are already a subscriber, or have an active trial, simply log in below.
If you’re not a registered user, you can get access to the website by taking a free trial. You can register for a trial online or by contacting our sales team – simply email benchbase@projectfinancemagazine.com or call +44 (0) 20 7779 8284.
Subscribe
Subscribers have unlimited access to all current and archive content. Start your
subscription today - click on the button below.
Subscribe
Free trial
Taking a free trial will give you access to the latest news and analysis, as
well as the online deals database, BenchBase. Start your free trial today.
Free Trial