Lightstone to launch $1.7 billion in term loans on Friday morning

By Sara Rosenberg

New York, March 9 – Lightstone Holdco LLC is scheduled to hold a lender call at 10:30 a.m. ET on Friday to launch $1,725,000,000 in term loans, according to a market source.

Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc. are the lead banks on the deal.

The debt consists of a $1,575,000,000 covenant-light term loan B due January 2024 and $150 million term loan C (funded letter-of-credit facility) due January 2024.

Price talk on the term loans is Libor plus 450 basis points to 475 bps with a 1% Libor floor and a par issue price, the source said.

Included in the term loans is 101 soft call protection for six months.

Proceeds will be used to reprice an existing term loan B and term loan C from Libor plus 550 bps with a 1% Libor floor.

Commitments are due at 5 p.m. ET on March 16, the source added.

Lightstone is a portfolio of four power generation facilities.

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