First Wind JV issues credit facility

Northeast Wind Partners, a First Wind and Emera joint venture, has issued a new corporate credit facility consisting of a $320m term loan and a $75m letter of credit.

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. 

Morgan Stanley, Goldman Sachs, BNP Paribas, KeyBank, Union Bank, CIT Group, Industrial and Commercial Bank of China were joint lead arrangers and joint book-runners for the syndication of the Term Loan B facility.

“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,” says First Wind chief executive Paul Gaynor, adding the partners look forward to new investments in 2014.

Northeast Wind’s portfolio includes 419 MW of wind power projects in the northeastern United States. First Wind owns 51% of the joint venture and is managing partner, operating the wind energy projects.  Emera retains 49% and provides energy management services.