CSG Investments Inc., a global buy-and-hold institution, announced June 3 a $360 million debt refinancing facility for Texas-based Panda Power Funds on May 20, 2016, with funding provided by Beal Bank.
“Beal Bank was the lender for a senior loan that refinances debt on Panda Power Funds’ Sherman, Texas, power plant. The $360 million transaction, representing 100% senior secured debt, was facilitated and arranged by Jefferies LLC and closed May 20, with White & Case as lender counsel,”said Jacob Cherner, President of CSG Investments. “We were pleased to be able to meet Panda Power Funds’ requirements because the transaction further affirms our commitment to the energy and power sector. We expect refinancing needs in the sector to continue, and we expect to be an active player for the foreseeable future.”
CSG Investments is a global buy-and-hold institution headquartered in Dallas, Texas. I is an affiliate of Beal Bank and Beal Bank USA. CSG Investments said it is a direct, one-stop source of capital for up to $550 million per transaction.
Founded in 2010, Panda Power Funds is a private equity firm headquartered in Dallas, Texas, that develops, owns, operates and manages investments in clean energy. Panda has three combined-cycle power plants in operation in Temple and Sherman, Texas, and four combined-cycle power plants currently under construction in Pennsylvania and Virginia with a combined capacity of more than 5,800 MW. Panda Power Funds also has a 990-MW project in Southern Maryland in advanced development. The fund built a 20-MW solar farm in southwest New Jersey that is one of the largest solar facilities in the Northeast United States.