Generation Bridge II sets Dec. 2 call to launch $325M TLB, $40M TLC for M&A

A Credit Suisse-led arranger group has scheduled a lender for 10 a.m. ET on Dec. 2 to launch a $325 million term loan B and $40 million term loan C for Generation Bridge II LLC, according to sources. Commitments will be due by 5 p.m. ET on Dec. 15.

Price talk for the seven-year term loans is not yet available, but the facilities will be covered by a minimum debt service coverage ratio covenant set at 1.1x.

Proceeds will be used to finance the acquisition of power generation facilities from PSEG. Goldman Sachs and MUFG are also joint lead arrangers on the deal.

Investors are being told to expect facility ratings of BB-/Ba2, with a 1 recovery rating from S&P Global Ratings.

Generation Bridge II is an operator of power generation facilities in New York and New England.