Cohocton Wind Watch: Northeast Wind bags refinancing
Cohocton Wind Watch is a community citizen organization dedicated to preserve the public safety, property values, economic viability, environmental integrity and quality of life in Cohocton, NY and in surrounding townships. Neighbors committed to public service in order to achieve a reasonable vision for a Finger Lakes region worthy of future generations.


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Sunday, November 17, 2013

Northeast Wind bags refinancing

A First Wind-Emera joint venture has refinanced its debt with a new corporate credit facility consisting of a $320m term loan B debt facility and a $75m letter of credit facility.

Northeast Wind Partners’ own 419MW of wind power projects in the northeast United States.
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.

Northeast Wind tried to refinance its debt this past summer but postponed efforts because of unfavorable market conditions.

Boston-based First Wind retains 51% and Nova Scotia-headquartered Emera owns 49% of Northeast Wind. First Wind is the managing partner, operating the wind energy projects.

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First Wind Holdings Inc. IPO public offering


TEN Reasons
Why the SEC should not allow First Wind to be listed on NASDAQ

First Wind Holdings Inc. 12/22/09 SEC S1/A IPO Filing

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