Investors are considering a term loan B that is in the market to refinance an operational combined-cycle gas-fired facility in New Jersey.

Morgan Stanley is left lead on the $575 million package, which will refinance Competitive Power Ventures’ 725 MW Woodbridge Energy Center, also known as CPV Shore, in Middlesex County. Crédit Agricole and MUFG also acting as bookrunners on the deal.

The package comprises a $425 million seven-year term loan and a $120 million five-year revolving credit facility.

Initial price talk is 350 to 375 basis points over Libor with a 0% index floor and an original issue discount in the range of 99 to 99.5.

The deal was launched on Nov. 30 and commitments are due by Dec. 14.

The project was originally financed in 2013 with a $561 million construction-plus-five-year deal priced at 425 bp over Libor (PFR, 9/23/13).

CPV brought the facility online in January 2016 and sold a 20% stake to Osaka Gas last year (PFR, 3/31/17).

The plant was built on the 26 acre site of an abandoned chemical factory in Woodbridge.

Spokespeople for CPV in Boston did not immediately respond to a request for comment.

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