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Lonestar II launches $280 million of term loans at Libor plus 500 bps
By Sara Rosenberg
New York, March 26 – Lonestar II Generation Holdings LLC released price talk on its $280 million of senior secured term loans in connection with its lenders’ presentation on Tuesday, according to a market source.
Both the $250 million seven-year covenant-lite term loan B and $30 million seven-year covenant-lite term loan C are talked at Libor plus 500 basis points with a 0% Libor floor and an original issue discount of 98, the source said.
The term loans have 101 soft call protection for six months, a 100% excess cash flow sweep through the life of the loan and a six-month debt service reserve account.
Amortization on the term loan B is 1% per annum. The term loan C has no amortization.
Morgan Stanley Senior Funding Inc. is the lead arranger and administrative agent on the deal.
Commitments are due on April 9, the source added.
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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