Summary
Exelon Corporation, through its indirect subsidiary ExGen Renewables I, LLC, has secured a $300.0 million senior secured term loan credit facility. This facility, established on February 6, 2014, with a maturity date of February 6, 2021, provides net proceeds of approximately $293.7 million after accounting for discounts, fees, and expenses. The funds will be distributed to Exelon Generation Company, LLC for its general corporate purposes, suggesting potential investment in existing operations or strategic initiatives. The loan is guaranteed by ExGen Renewables I Holding, LLC, the direct parent of the borrower, and is secured by collateral owned by the borrower and Holdings. Interest rates are based on the LIBOR Rate plus a margin of 4.25%, with an option to convert to a Base Rate plus 3.25%. The credit agreement includes standard covenants and default provisions for the benefit of lenders, with acceleration clauses for specific events.
Key Highlights
- 1ExGen Renewables I, LLC (an Exelon indirect subsidiary) closed a $300 million senior secured term loan credit facility.
- 2The facility has a maturity date of February 6, 2021.
- 3Net proceeds of approximately $293.7 million will be used for Exelon Generation Company, LLC's general corporate purposes.
- 4The loan is fully and unconditionally guaranteed by ExGen Renewables I Holding, LLC (the borrower's direct parent).
- 5The loan is secured by collateral owned by the borrower and Holdings.
- 6Initial interest rate is LIBOR Rate + 4.25%, with an option to convert to Base Rate + 3.25%.
- 7The credit agreement includes customary covenants and default provisions.