Shearman & Sterling advised Goldman Sachs Lending Partners LLC, Morgan Stanley Senior Funding, Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated as joint lead arrangers, joint bookrunners and joint syndication agents in connection with a $455 million refinancing, consisting of a $425 million 5-year term loan and a $30 million 4.5-year revolving credit facility for Astoria Generating Company Acquisitions, L.L.C (“Astoria”), an entity formed by an investor group led by Madison Dearborn Partners and New York City-based US Power Generating Company.
The refinancing of Astoria’s existing first and second lien credit facilities will be used in part to reduce the portfolio’s leverage before the maturity of the debt. Astoria owns three separate electric power generation facilities in New York City: Astoria Generating Station, a natural gas/fuel oil-fired plant in located in the borough of Queens, the Gowanus Gas Turbine Facility and the Narrows Gas Turbine Facility sites, two barge-mounted facilities located in the borough of Brooklyn.
The Shearman & Sterling team included partner Patricia Hammes (New York-Project Development & Finance); counsel Sharon Lippett (New York-Executive Compensation & Employee Benefits); and associates Paul Epstein (New York-Project Development & Finance), Ranbir Chowdhary (New York-Project Development & Finance), Devin Lei (New York-Project Development & Finance), Lisha Li (New York-Project Development & Finance), Jackson Murley (New York-Project Development & Finance), Jared Ragozine (New York-Project Development & Finance) and Nathan Tasso (Washington, DC-Tax).
