S&P affirms Lonestar on loan add-on

Standard & Poor’s said it affirmed the BB- rating and 1 recovery rating on Lonestar Generation LLC’s $515 million senior secured term loan B.

The loan will increase to $675 million with a successful amendment proposed by the company, along with a $50 million senior secured revolving credit facility.

The 1 recovery rating indicates 90% to 100% expected default recovery.

The outlook is stable.

On a successful amendment, the portfolio will consist of three combined-cycle gas turbine facilities, S&P said.

Relatively small portfolios of this type typically have a rating no higher than BB, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.