Fri 10/21/2022 11:18 AM
Heritage Power, its sponsor Strategic Value Partners and lenders including PGIM are working toward a prepackaged chapter 11 filing to equitize the $520 million L+600 bps term loan due July 2026 while giving the sponsor a 5% equity stake in the reorganized business, according to sources.
Existing first lien lenders, who would become the majority owner, may need to provide a DIP to address cash needs, the sources said. Importantly, the heat rate call option, or HRCO, hedging facility will also...
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