XPLR Infrastructure, LP (XIFR): debt financing — NEP indirect subsidiary closes $330M term loan for 688 MW renewable acquisition

On June 29, 2023, an indirect subsidiary of NextEra Energy Partners, LP (NEP) completed the previously announced acquisition of a portfolio of wind and solar generation facilities with a combined generating capacity of approximately 688 megawatts (MW) for cash consideration of approximately $566 million, plus working capital of $32 million (subject to post-closing working capital and other adjustments) and the assumption of debt and related interest rate swaps of approximately $142 million.

On June 30, 2023, Whiptail-Montezuma Holdings, LLC (the borrower), an indirect subsidiary of NEP which was part of the above acquisition, borrowed approximately $330 million under a limited-recourse senior secured variable rate term loan to provide funds to repay a portion of the amount outstanding under the revolving credit facility on July 6th. The term loan matures in June 2028 and bears interest based on an index rate plus a specified margin with interest payable quarterly.

Also on June 29, 2023, NextEra Energy US Partners Holdings, LLC (NextEra US Holdings), an indirect subsidiary of NEP, drew $530 million under an existing revolving credit facility, which was used, in part, to fund the above acquisition.