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LS closes Madison recap B loan
29 June 2012
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[ls power]
[virginia]
[illinois]
[connecticut]
[south carolina]
[california]
[pensylvania]
LS Power has closed a $750 million senior secured term loan B for a newly-formed holding company, LSP Madison Funding. Credit Suisse, Citigroup, ING and Morgan Stanley led the seven-year institutional deal, which priced at 425bp over Libor, with a Libor floor of 1.25%, and had an original issue discount of 97.5% of par. The financing closed on 28 June, after launching around two weeks earlier. The sponsor will use $319 million of the proceeds to pay down existing project-level debt and another $384 million...
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