Bayerische Landesbank and Goldman Sachs have unveiled starting pricing of LIBOR plus 1 3/8% for a 15-year, $263 million loan for Horizon Wind Energy. The deal, which backs two wind farms in Oklahoma and New York, then steps up incrementally, topping out at LIBOR plus 250 near the end of the loan’s life. BLB officials declined comment and Goldman officials did not return calls. A call for Alec Dreyer, ceo of Horizon in Houston, was not returned.
About 13 banks were invited to the meeting and are being asked to commit about $25 million. The loan will help finance the Blue Canyon II project in Southwestern Oklahoma and the Maple Ridge facility in Lewis County, N.Y., which Horizon co-owns with PPM Energy. The Oklahoma facility is fully contracted, while some of the power from the New York’s facility is slated to be sold on a merchant basis.