LS Power launches $450 million first-lien loan at Libor plus 300 bps

By Sara Rosenberg

New York, May 30 - LS Power (LSP Madison LLC) launched on Thursday its $450 million seven-year first-lien covenant-light term loan with price talk of Libor plus 300 basis points with a 1% Libor floor and an original issue discount of 993/4, according to a market source.

The term loan has 101 repricing protection for one year.

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

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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