CenTrio locks in $485M refinancing to fuel district energy growth
What's the deal? CenTrio, a US district energy provider, has completed a $485 million refinancing to strengthen its capital structure and fund expansion.
The HoldCo credit facility includes a $210 million senior term loan, a $150 million delayed draw term loan, a $50 million revolving credit facility, and a $75 million letter of credit facility.
Apterra Infrastructure CapitalDealroom has a profile for this one. Try Dealroom → led as sole bookrunner and joint lead arranger, with ING CapitalDealroom has a profile for this one. Try Dealroom → and MizuhoDealroom has a profile for this one. Try Dealroom → as joint lead arrangers. The deal was significantly oversubscribed.
Why now? CenTrio is entering a new growth phase, and the refinancing extends debt maturities while boosting financial flexibility.
The delayed draw term loan is designed specifically to bankroll future investments. A separate $130.5 million project financing of one CenTrio concession, plus fresh sponsor capital, backed the wider transaction.
Chief executive officer Eric Miller said the new structure lets CenTrio keep investing in "reliable, efficient, and sustainable district energy infrastructure assets" while expanding partnerships with municipalities, universities, healthcare systems, and data centre customers.
The signal: As a breakout-stage platform, CenTrio's oversubscribed refinancing — backed by corporate arrangers Apterra and Mizuho alongside investment fund ING Capital — reflects growing lender appetite for the district energy assets that increasingly underpin data centre expansion across its 10 US cities.
Read more: PR Newswire
Image credit: CenTrio Energy
