General Electric is the bookrunner of a joint effort in providing $300 million dollars in senior secured credit facilities to Entegra Power Group who uses natural gas plants to provide electricity to customers in southeastern and southwestern USA.
Other companies in the effort include WestLB, Union Bank along with BNP Paribas CIT which will serve as joint lead arrangers.
Entegra will use the senior secured credit facilities for debt repayment and general corporate purposes. The credit facilities are on a six year term loan and are also for two operating power blocks at Entegra Power Group’s natural gas-fired Gila River Power Station in Arizona.
Mike Schuyler, Entegra’s president and chief executive officer, said: “This financing is an important component of Entegra’s value optimization program and demonstrates the market’s confidence in the company and its assets.”
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