...March 25, 2021 NEW YORK (S&P Global Ratings) March 25, 2021--S&P Global Ratings today said it views as opportunistic Lightstone Holdco LLC's announced Dutch auction-style prepayment offer to purchase up to $40 million of its outstanding secured term loan B debt obligations. The repayment of debt will be funded with cash from operations to prepay an incremental percentage equal to the discount to par. For debt rated in the 'B+' category, S&P Global Ratings uses market cues, among other factors, to make such determinations as opportunistic or distressed. Furthermore, the long-dated nature of the debt supports our view that this transaction is opportunistic, not distressed. If the offer is not accepted, the company is not at risk of a conventional default on these instruments over the next few years. We typically view exchanges such as this as immaterial. We are not changing our 'B+/Negative' rating on Lightstone, and liquidity remains adequate. (See our most recent research update on Lightstone,...
