Lightstream’s credit facility has been cut from $550 mm to $250 mm in its semiannual borrowing base review. There is currently $371 mm outstanding under the facility, implying an overdrawn balance of ~$121 mm. A 90 day cure period has commenced where this shortfall must be addressed or the Company will trigger a default event.The Company continues to investigate various strategies to alleviate this liquidity
issue, including alternate first lien financing, asset sales, and restructuring alterna ....
Sign up to access
Get access to our full offering from over 30 providers
Get access to our full offering from over 30 providers
Lightstream’s Credit Facility Falls 55%, Currently Overdrawn
- Published:
03 May 2016 -
Author:
Cody R. Kwong -
Pages:
5
Lightstream’s credit facility has been cut from $550 mm to $250 mm in its semiannual borrowing base review. There is currently $371 mm outstanding under the facility, implying an overdrawn balance of ~$121 mm. A 90 day cure period has commenced where this shortfall must be addressed or the Company will trigger a default event.The Company continues to investigate various strategies to alleviate this liquidity
issue, including alternate first lien financing, asset sales, and restructuring alterna ....