FirstLight Power Resources Inc. Dec 09
- ID: 1802381
- December 2009
- Standard & Poors
The rating on FirstLight Power Resources Inc.'s (FL Power) first-lien facilities is 'B+'. The facilities consist of a $550 million first-lien term loan ($434.5 million outstanding) and $65 million letter of credit (L0C) facility, both maturing in 2013, along with a $70 million working capital facility maturing in 2011. The recovery rating on the first-lien facilities is '2', indicating expectations of substantial recovery (70%-90%) in the event of a payment default. The outlook on the first-lien facilities is negative. The rating on FL Power's $170 million second-lien term loan to is 'CCC+', while the recovery rating is '6' (0%-10%). The outlook on the second-lien term loan is stable. FL Power is a wholly owned subsidiary of FirstLight Power Resources Holdings...
Companies mentioned in this report are: FirstLight Power Resources Inc.,FirstLight Hydro Generating Co.
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Research Type: Full Analysis