Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers L > Headlines for Lightstone HoldCo LLC > News item |
Lightstone finalizes $1.73 billion in term loans at Libor plus 450 bps
By Sara Rosenberg
New York, March 16 – Lightstone Holdco LLC set pricing on its $1,625,000,000 covenant-light term loan B due January 2024 and $100 million term loan C (funded letter-of-credit facility) due January 2024 at Libor plus 450 basis points, the low end of the Libor plus 450 bps to 475 bps talk, according to a market source.
The term loans still have a 1% Libor floor, a par issue price and 101 soft call protection for six months.
Initially, the term loan B was expected to be sized at $1,575,000,000 and the term loan C was expected at $150 million, but the sizes were changed shortly after the deal was announced and the adjusted sizes were outlined on last Friday’s lender call.
Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc. are the lead banks on the $1,725,000,000 in term loans.
Commitments were scheduled to be due at 2 p.m. ET on Thursday, moved up from 5 p.m. ET on Thursday, the source added.
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.
Lightstone is a portfolio of four power generation facilities.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.