We advised an ad hoc group of Newark Energy Center term lenders in connection with the transaction

Davis Polk advised an ad hoc group of term lenders under the outstanding $675 million senior secured term loan facility of EIF-NEC LLC (“Newark Energy Center”) with respect to the acquisition of Newark Energy Center by Hartree Partners. Upon closing, lenders were repaid in full at par including with respect to a PIK payment agreed in exchange for a 100-day extension of the facility.

Newark Energy Center is a 705-megawatt natural-gas-fired power generation facility located in Newark, New Jersey, and operating in the PJM Interconnection market.

The Davis Polk restructuring team included partners Damian S. Schaible and Christian Fischer, counsel Jonah A. Peppiatt and associates Jinhe Hu and Alec Gregory Schwartz. Partner Corey M. Goodman and associate Yueyu Yang provided tax advice. Counsel Susan D. Kennedy advised on real estate matters. Partner Stephen Salmon provided advice on corporate law matters. Associate Roxanne Walton advised on finance matters. Members of the Davis Polk team are based in the New York, Northern California and Washington DC offices.