Lightstone firms term loan B and C debt at Libor plus 375 bps

By Sara Rosenberg

New York, Feb. 1 – Lightstone Holdco LLC finalized pricing on its $1,575,000,000 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 375 basis points, the low end of the Libor plus 375 bps to 400 bps talk, according to a market source.

The loans still have a 1% Libor floor, a par issue price and 101 soft call protection for six months.

Credit Suisse Securities (USA) LLC is the lead bank on the deal.

Allocations are expected on Friday, the source said.

Proceeds will be used to reprice existing term loan B and term loan C debt down from Libor plus 450 bps with a 1% Libor floor.

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

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