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Wednesday, 13 December 2017

Gemini HDPE reprices TLB

PFI Issue 615 - December 13, 2017

Gemini HDPE’s Term Loan B repricing has set final pricing at Libor plus 250bp with no Libor floor, the wide end of guidance in the range of 225bp to 250bp over Libor with a 1% Libor floor.

TerraForm prices upsized bond issue

PFI Issue 615 - December 13, 2017

TerraForm Power has launched a US$1.2bn multi-tranche 144A offering with maturities out to 10 years, upsized from a planned US$1bn.

BlackRock backs Glass Mountain with TLB

PFI Issue 615 - December 13, 2017

BlackRock is in the market with a US$325m Term Loan B to back its acquisition of a 50% interest in the Glass Mountain Pipeline from SemGroup.

Tax equity and infra threatened by tax proposal

PFI Issue 615 - December 13, 2017

There are three provisions creating significant concern for project finance in the Tax Cuts and Jobs Act: the base erosion anti-abuse tax (BEAT), international alternative minimum tax (AMT), and the elimination of private activity bonds (PABs).

EDF signs PPA with Google on Iowa wind farm

PFI Issue 615 - December 13, 2017

EDF Renewable Energy has signed an agreement to supply Google with 200MW of wind energy from its Glaciers Edge wind project in Iowa.

Denver Great Hall bonds launching

PFI Issue 615 - December 13, 2017

Citigroup is preparing to price roughly US$200m in revenue bonds for Public Finance Authority as a conduit issuer on behalf of Denver Great Hall, the private partner on the Denver International Great Hall airport terminal project. Fitch said it expects to rate the issue Triple B with a stable outlook.

Compass Power Generation launches recap TLB

PFI Issue 615 - December 13, 2017

Compass Power Generation has launched a US$760m Term Loan B with price talk of 400bp over Libor with a 1% floor and a discount of 99.

Five respond on Michigan's I-75

PFI Issue 615 - December 13, 2017

The Michigan Department of Transportation (MDOT) has received five responses to its request for qualifications (RFQ) on the I-75 modernisation project. Teams competing for the deal include Meridiam/Walsh; Aecom/John Laing; Star America Infrastructure Fund/Vinci, Fengate Capital/Acciona; and Grupo ACS/Dragados.

Ontario releases long-term infra plan

PFI Issue 615 - December 13, 2017

Ontario has issued its long-term infrastructure plan, with a focus on roads, sustainability in government buildings, and a strategy to expand high-speed internet service.

Details of RER procurements taking shape

PFI Issue 615 - December 13, 2017

Infrastructure Ontario and Metrolinx are working to determine the scope of two separate procurements for the GO Regional Express Rail (RER) project, officials said at a recent conference.

Tidewater and TransAlta plan pipeline

PFI Issue 615 - December 13, 2017

Tidewater Midstream & Infrastructure and TransAlta have entered into a letter of intent to construct a 120km natural gas pipeline from Tidewater’s Brazeau River Complex to TransAlta’s generating units at Sundance and Keephills.

Axium preps private solar loan

PFI Issue 615 - December 13, 2017

Axium Infrastructure will utilise a C$396.7m (US$312m) term loan to back its acquisition of a portfolio of eight ground-mounted, fixed-tilt crystalline photovoltaic plants in Ontario from TransCanada. Axium is placing the loan privately, without outside banks or dealers.

Airport affirmed, toll roads downgraded

PFI Issue 615 - December 13, 2017

Moody’s has downgraded the bonds on the Puerto Rico’s toll roads P3 and affirmed the rating on its airport P3 after a review period following Hurricane Maria

Six respond on Chicago training P3

PFI Issue 615 - December 13, 2017

The Chicago Infrastructure Trust has received responses from six teams on its request for qualifications (RFQ) for the Joint Public Safety Training Academy (JPSTA) project.

Macquarie partnering to pursue FirstNet opt-outs

PFI Issue 615 - December 13, 2017

Macquarie Capital and Rivada Networks are partnering to pursue opt-out state contracts under FirstNet legislation. The first initiative of the alliance is a conditional award from the State of Colorado to build out its public-safety broadband radio access network.

EQT acquires Global Gateway South

PFI Issue 615 - December 13, 2017

EQT Infrastructure III and terminal operator P5 Infrastructure have closed the acquisition of Eagle Marine Services (EMS), the operator of the Global Gateway South (GGS) container terminal in the Port of Los Angeles, with an enterprise value of approximately US$875m.

Navitas finances gas processing project

PFI Issue 615 - December 13, 2017

Navitas Midstream Midland Basin is in the market with a US$400m Term Loan B to finance the construction of Glasscock plant, a cryogenic natural gas processing plant.

Gribbin details infra plan progress

PFI Issue 615 - December 13, 2017

DJ Gribbin, special assistant to the President for infrastructure policy, said the development of the “One Federal Decision” project authorisation streamlining initiative is an “enormous focus” of the administration.

Calpine out with bank/bond refi

PFI Issue 615 - December 13, 2017

Calpine is in the market with a US$550m follow-on bond offering and US$1bn Calpine Construction Finance Company (CCFC) first-lien term loan.

Western Generation repricing set for launch

PFI Issue 615 - December 13, 2017

MUFG was set to launch a repricing of a US$235m Term Loan B for Western Generation Partners as PFI went to press.

NY Green Bank seeks adviser

PFI Issue 615 - December 13, 2017

NY Green Bank has issued a new request for proposals (RFP) to evaluate strategies for raising, investing and managing at least US$1bn in third-party capital to support New York’s energy goals.

FERC says ETP 'cannot be trusted' on Rover

PFI Issue 615 - December 13, 2017

The Federal Energy Regulatory Commission (FERC) has upheld its refusal to give Energy Transfer Partners a blanket certificate for continued construction on the Rover pipeline in the Midwest US after the company demolished a historic building in Ohio without permission.

Wayne State reaches financial close

PFI Issue 615 - December 13, 2017

Corvias Campus Living WSU has closed a US$307.5m bond offering to finance the addition of 850 new beds and rehabilitation of the entire on-campus student housing system at Wayne State University through a long-term public-private partnership.

Enel to sell stake in wind farms

PFI Issue 615 - December 13, 2017

Enel has agreed to sell an 80% stake in the 200MW Caney River wind farm and 150MW Rocky Ridge wind farm to investment fund Gulf Pacific Power for US$233m. The deal is expected to close by year-end.

Clean Energy Future plots financing

PFI Issue 615 - December 13, 2017

Clean Energy Future has landed approval for the 955MW Clean Energy Future–Oregon gas-fired project in Oregon, Ohio. The approval will now kick off the financing process in earnest.

Starwood nabs Ares assets

PFI Issue 615 - December 13, 2017

Ares Management, through energy arm Ares EIF, has reached an agreement to sell a 1.2GW portfolio consisting of four coal-fired power projects to Starwood Energy Group.

Eglinton rail faces delays

PFI Issue 615 - December 13, 2017

The Eglinton Crosstown light rail transit P3 has faced difficulties with utility work and permits that could result in construction delays, according to Moody’s.

Long-term care P3s prepped

PFI Issue 615 - December 13, 2017

The Government of Newfoundland and Labrador will launch a request for qualifications (RFQ) this month for a long-term care facility P3 in Grand Falls-Windsor.

Connor Clark & Lunn finances solar

PFI Issue 615 - December 13, 2017

Connor Clark & Lunn Infrastructure has closed US$188m and US$171m bond offerings to finance Windsor Solar and Southgate Solar, 50MW ground-mounted operating solar facilities in Essex County and County of Grey, Ontario.

Caisse delays REM timeline

PFI Issue 615 - December 13, 2017

CDPQ Infra, a subsidiary of Caisse de dépôt et placement du Québec, is keeping the tender process open on the Réseau électrique métropolitain (REM) public transit network, pushing back the timeline on the project.

Tellurian prices share offer

PFI Issue 615 - December 13, 2017

LNG developer Tellurian has priced an offering of 10m shares at US$10 each, representing a discount of roughly 17% to the prior day’s closing price.

Recurrent Energy signs PPA with Cali’s BART

PFI Issue 615 - December 13, 2017

Canadian Solar’s Recurrent Energy unit has signed a 20-year power purchase agreement for 45MW of power with Bay Area Rapid Transit (BART) in California. Power will be supplied from Recurrent’s Gaskell West 2 solar photovoltaic project in southern California.

Massachusetts names storage grant winners

PFI Issue 615 - December 13, 2017

The Massachusetts Clean Energy Center has selected 26 projects to share in US$20m in grant funding for energy storage projects in the state. Sunrun, GE, NextEra Energy, National Grid and Tesla are among the winners.

PG&E contracts for six storage projects

PFI Issue 615 - December 13, 2017

PG&E has presented six energy storage contracts totalling 165MW to the California Public Utilities Commission for review and approval.

Last hearing held on solar tariff

PFI Issue 615 - December 13, 2017

Representatives from both sides of the solar tariff debate testified during an eight-hour early December hearing at the Office of the United States Trade Representative (USTR) in Washington.

Cape Wind cancels permit

PFI Issue 615 - December 13, 2017

Cape Wind Associates has notified the US Department of the Interior that it will cancel the permit it was granted for the proposed Cape Wind offshore wind project. Planning for the project started in 2001 and faced extensive opposition and frequent court challenges.

Howard County shortlists three on courts

PFI Issue 615 - December 13, 2017

Howard County, Maryland has shortlisted three teams on its courthouse P3.