Coal Power Plant Owner Lightstone Pushes Out Debt Maturity, Sources Say
20 May 2022 - 06:09AM
Dow Jones News
By Soma Biswas
Lightstone Generation LLC, which operates one of the largest
coal-fired power plants in the country, closed on a refinancing of
its $1.7 billion loan, according to people familiar with the
matter.
The company, jointly owned by private equity firms ArcLight
Capital Partners and the Blackstone Group launched a deal last
month asking its lenders to extend the loan's maturity by three
years to 2027 in return for a higher interest rate and other
concessions, the people said.
Just over 90% of Lightstone's lenders have agreed to refinance
the loan, one of the people said. Lenders' appetite to hold on to
coal assets has been in question as financial institutions face
pressure to reduce investments in enterprises that contribute
heavily to greenhouse gas emissions.
Lightstone also operates three gas-fired plants in addition to
the James M. Gavin coal-fired plant in Cheshire, Ohio. A
spokesperson for Blackstone declined to comment, and the company
didn't return calls.
Write to Soma Biswas at soma.biswas@wsj.com
(END) Dow Jones Newswires
May 19, 2022 15:54 ET (19:54 GMT)
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