On February 5, 2025, CPV Shore LLC, a company 69% owned by CPV Group LP, completed a refinancing of its existing debt financing agreement, which had approximately $436 million in debt. The new financing agreement includes a $325 million long-term loan facility and approximately $111 million in revolving and non-revolving credit facilities.
The new financing terms include a SOFR-based interest rate with a 3.75% spread, and the term loans mature in 2032, with revolving credit facilities maturing in February 2030. In connection with the closing, equity holders provided approximately $80 million to CPV Shore, with CPV's share being approximately $55 million.
Additionally, CPV entered into a purchase agreement to increase its interest in CPV Shore to approximately 90%. This increased ownership stake further solidifies Kenon's position in this natural gas-fired power plant in New Jersey, enhancing its operational control and share of future profits.
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