Panda Stonewall Wraps Up Restructuring Deal, Ownership Transfer

Panda Stonewall closed its restructuring and ownership transfer, according to people with knowledge of the matter.

• The gas-fired power plant raised a five-year $450 million term loan on Friday and $40 million revolver priced at 6 percentage points above the London interbank offered rate, in line with market expectations
  • Proceeds from the new debt, alongside equity check from Ares Management, will help pay back existing lenders
  • Investec was the sole bookrunner for the deal, Bloomberg previously reported
• Ares took over the 778-megawatt gas-fired plant from Panda Power Funds as part of a broader out-of-court restructuring
• Located near Leesburg, Virginia, Panda ...