LS Power launches $750 million term loan at Libor plus 450 bps

By Sara Rosenberg

New York, June 11 - LS Power launched its $750 million seven-year first-lien term loan (Ba2) on Monday afternoon with price talk of Libor plus 450 basis points with a 1.25% Libor floor and an original issue discount of 981/2, according to a market source.

The loan has soft call protection of 102 in year one and 101 in year two, the source said.

Commitments are due during the week of June 25, the source added.

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 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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