Bulletin: Lightstone HoldCo LLC's Debt Likely To Be Repaid On Acquisition By Cornerstone, Outlook Remains Positive

This report does not constitute a rating action. TORONTO (S&P Global Ratings) Oct. 28, 2024--S&P Global Ratings said today Lightstone HoldCo LLC 's debt is expected to be fully repaid in the coming months, following its acquisition by Energy Capital Partners (ECP), through its project financing vehicle, Cornerstone Generation LLC. The existing positive outlook on Lightstone reflects our expectation of an improved credit profile, driven by improved market fundamentals in the Pennsylvania-Jersey-Maryland Interconnection market. Cornerstone's credit profile differs from Lightstone's and should be viewed as a new financing arrangement given the Gavin coal plant will not be part of the new project financing, and it has a different capital structure. In late August, ECP agreed to acquire Lightstone from ArcLight

...October 29, 2024 This report does not constitute a rating action. TORONTO (S&P Global Ratings) Oct. 28, 2024--S&P Global Ratings said today Lightstone HoldCo LLC 's debt is expected to be fully repaid in the coming months, following its acquisition by Energy Capital Partners (ECP), through its project financing vehicle, Cornerstone Generation LLC. The existing positive outlook on Lightstone reflects our expectation of an improved credit profile, driven by improved market fundamentals in the Pennsylvania-Jersey-Maryland Interconnection market. Cornerstone's credit profile differs from Lightstone's and should be viewed as a new financing arrangement given the Gavin coal plant will not be part of the new project financing, and it has a different capital structure. In late August, ECP agreed to acquire Lightstone from ArcLight Capital Partners LLC and BlackStone. To fund the acquisition, ECP is raising $1.425 billion in financing, composed of a $1.3 billion senior secured first-lien term loan...

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