Lightstone HoldCo LLC (Lightstone) is a portfolio of four power generation facilities with a total capacity of 5.3 gigawatts in Ohio and Indiana. Lightstone is a 50/50 joint-venture owned by Blackstone and ArcLight Capital Partners LLC. All of the assets are located in the Pennsylvania-Jersey-Maryland (PJM) Interconnection American Electric Power (AEP) region (see table). The financing structure includes a cash sweep mechanism payable annually on April 5, beginning in 2018, through maturity of Lightstone's term B. We note that Lightstone has and may continue to elect to use voluntary prepayments to repay debt more frequently than the annual mandatory cash flow sweep payment. The rating on Lightstone remains 'BB-' following S&P Global Ratings' review of the portfolio. We note that,
