LS Power readies launch of $750 million term loan for Monday

By Sara Rosenberg

New York, June 8 - LS Power is scheduled to hold a bank meeting at 3 p.m. ET in New York on Monday to launch a proposed $750 million seven-year first-lien term loan, according to a market source.

Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc. and Morgan Stanley Senior Funding Inc. are the lead banks on the deal.

Proceeds will be used to refinance existing project level debt, fund reserve accounts, fund a one-time distribution to the sponsor and for general corporate purposes.

The actual issuer is LSP Madison Funding LLC.

LS Power is a New York-based company that has a diversified portfolio of power generating facilities.

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