Lightstone launches extended term loans at SOFR plus 575 bps

By Sara Rosenberg

New York, May 2 – Lightstone Holdco LLC launched on Monday its $1.641 billion amended and extended term loan B due Jan. 30, 2027 and $93 million amended and extended term loan C due Jan. 30, 2027 with price talk of SOFR plus 575 basis points with a 1% floor and an original issue discount of 99, according to a market source.

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.

Jefferies LLC is the bookrunner on the amended and extended senior secured term loans (B2).

Commitments and consents are due at noon ET on Friday, the source added.

The proposed amendment and extension of the company’s existing term loan B and term loan C has received consent from the ad hoc 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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