Lightstone launches $300 million incremental term loan B at 99.5 OID

By Sara Rosenberg

New York, July 25 – Lightstone Holdco LLC was scheduled to hold a lender call at 3 p.m. ET on Wednesday to launch a fungible $300 million incremental covenant-light term loan B due January 2024 that is talked with an original issue discount of 99.5, according to a market source.

Pricing on the incremental loan is Libor plus 375 basis points with a 1% Libor floor, in line with existing term loan B pricing, the source said.

The incremental term loan has 101 soft call protection for six months.

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

Commitments are due at 5 p.m. ET on Aug. 1, the source added.

Expected term loan ratings are Ba3/BB-.

Proceeds will be used to fund a shareholder distribution.

Lenders are being offered a 37.5 bps consent fee for a concurrent amendment.

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

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