First Wind, an independent U.S.-based renewable energy company, today announced that its joint venture with Emera, Northeast Wind,
BOSTON, Mass. – November 13, 2013 – First Wind, an independent U.S.-based renewable energy company, today announced that its joint venture with Emera, Northeast Wind, has issued a new corporate credit facility, consisting of a $320 million Term Loan B debt facility and a $75 million Letter of Credit facility.
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.
“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,” said Paul Gaynor, CEO of First Wind. “The partners in this joint venture continue to work together to improve the operating efficiency of the project portfolio and look forward to new investments in 2014.”
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.
About First Wind
First Wind develops, finances, builds and operates utility-scale renewable energy projects throughout the United States. Based in Boston, First Wind currently operates wind power facilities in the Northeast, the West and Hawaii, with combined capacity of more than 1,000 megawatts (MW) – enough to power about 300,000 U.S. homes each year. For more information on First Wind, please visit www.firstwind.com or follow us on Twitter @FirstWind.
About Northeast Wind
Northeast Wind Partners is a joint venture between First Wind and Emera which includes 419 MW of wind power projects in the Northeast U.S. First Wind retains 51 percent andEmera owns 49 percent of the company. First Wind is the managing partner of the company, operating the wind energy projects.