Lightstone to launch about $1.73 billion of term loans on Monday

By Sara Rosenberg

New York, April 29 – Lightstone Holdco LLC is scheduled to hold a lender call at 1:30 p.m. ET on Monday to launch $1.734 billion of amended and extended senior secured term loans, according to a market source.

Jefferies LLC is the bookrunner on the deal.

The debt consists of a $1.641 billion amended and extended term loan B due Jan. 30, 2027 and a $93 million amended and extended term loan C due Jan. 30, 2027, the source said.

Included in the amended and extended term loans is hard call protection of 103 in year one, 102 in year two and 101 in year three, and a debt service coverage ratio covenant.

The proposed amendment and extension of the company’s existing term loan B and term loan C has received consent from the adhoc lender group representing over 80% of the outstanding loans. The extension is subject to a minimum participation threshold of 90%.

The company is offering to pay down $100 million of both the term loan B and the term loan C at par on a pro rata basis for existing lenders only.

Lightstone, a 50/50 joint venture owned by affiliates of Blackstone Group LP and ArcLight Capital Partners LLC, consists of a 5.3 GW portfolio of four generation facilities located in the PJM Interconnection market.

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