Summary
Exelon Corporation, through its indirect subsidiary ExGen Renewables IV, LLC, has successfully secured an $850 million senior secured term loan credit facility. This facility, established on November 28, 2017, with a maturity date of November 28, 2024, provides net proceeds of approximately $785 million. These funds are expected to be distributed to the sponsor, Exelon Generation Company, LLC, for general corporate purposes. The loan carries an interest rate based on LIBOR plus 3.00% or Base Rate plus 2.00%, payable quarterly. The financing is fully guaranteed by ExGen Renewables IV Holding, LLC and ExGen Renewables Holdings, LLC, and is secured by collateral owned by the loan parties. The terms include customary covenants and default provisions for the benefit of the lenders, as well as provisions for acceleration and mandatory prepayments under certain events. This facility represents a significant debt financing for Exelon's renewable energy segment.
Key Highlights
- 1ExGen Renewables IV, LLC, an indirect subsidiary of Exelon, closed an $850 million senior secured term loan credit facility.
- 2The facility was established on November 28, 2017, and is set to mature on November 28, 2024 (a 7-year term).
- 3Net proceeds of approximately $785 million were received after deducting fees and expenses.
- 4Proceeds are intended for general corporate purposes of the sponsor, Exelon Generation Company, LLC.
- 5The loan bears interest at LIBOR + 3.00% or Base Rate + 2.00%.
- 6Obligations are fully guaranteed by Holdings and ExGen Renewables Holdings, LLC.
- 7The facility is secured by collateral owned by the loan parties.