LS Power to launch $450 million first-lien term loan on Thursday

By Sara Rosenberg

New York, May 29 - LS Power (LSP Madison LLC) is scheduled to hold a bank meeting at 2 p.m. ET in New York on Thursday to launch a $450 million seven-year first-lien covenant-light term loan, according to a market source.

Credit Suisse Securities (USA) LLC and Goldman Sachs Bank USA are the leads on the deal.

The loan has 101 repricing protection for one year, the source said.

Proceeds will be used to refinance an existing term loan, to fund a dividend payment and for general corporate purposes.

Commitments are due on June 17, the source added.

LS Power is a New York-based portfolio of power generating facilities.

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