Lightstone launches $1.68 billion repricing of term loans B and C

New York, Jan. 29 – Lightstone Holdco LLC launched a $1.68 billion repricing of its term loan B and term loan C with a lender call on Monday afternoon, according to a market source.

Both tranches are talked at Libor plus 375 basis points to 400 bps, which will be a reduction from the current level of Libor plus 450 bps. They will be offered at par.

The 1% Libor floor will remain the same as at present but the 101 soft call will be reset for six months.

Included in the facility is a $1,575,000,000 covenant-light term loan B due January 2024 and a $100 million term loan C (funded letter-of-credit facility), also due January 2024.

Expected ratings are Ba3 from Moody’s Investors Service and BB- from S&P.

Credit Suisse is the lead arranger.

Commitments are due by 5 p.m. ET on Feb. 1.

Lightstone is a Princeton, N.J. owner of a portfolio of four power generation facilities located in the PJM region.

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