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Lonestar II Generation to launch $280 million of term loans Tuesday
By Sara Rosenberg
New York, March 22 – Lonestar II Generation Holdings LLC is scheduled to hold a lenders’ presentation at 10 a.m. ET on Tuesday to launch $280 million of senior secured term loans, according to a market source.
Morgan Stanley Senior Funding Inc. is the lead bank on the deal.
The debt consists of a $250 million term loan B and a $30 million term loan C, the source said.
Proceeds will be used to fund a cash collateralized letter-of-credit account, fund a distribution to the Lonestar Generation LLC balance sheet, and pay transaction fees and expenses.
Lonestar II Generation is the owner of a roughly 1.1 GW portfolio of three thermal power generation assets located in Texas and serving the Ercot market.
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