Lightstone HoldCo LLC (Lightstone) has announced a refinancing transaction that will extend the maturity of about 90% of its outstanding debt to January 2027. We still expect a portion of Lightstone's non-extended term loan to remain due in January 2024. We affirmed the 'B-' rating on Lightstone's senior secured debt. Our recovery rating on this debt remains '3' (65% rounded estimate). Despite the amend and extend, we see refinancing risk in January 2027 as the predominant risk as the transaction remains significantly leveraged. The negative outlook reflects our view that while near-term refinancing risk in January 2024 has been meaningfully reduced through extension of a preponderance of outstanding debt, we expect about $150 million to $170 million of the term
