Blackstone affiliates borrow $650M, pledge ~72% of Legence Corp. shares as collateral

Legence Corp.

Affiliates of Legence's majority owner Blackstone borrowed $650M via margin loans from Goldman Sachs-led syndicate.
Borrowers pledged 29.0M Class A shares, 46.7M Class B shares, and 46.7M common units, representing ~72% of diluted Class A equity.
Default may trigger foreclosure and transfer of pledged shares, potentially resulting in a change in control.
Legence Corp. is not a party to the loan agreements but agreed not to hinder lenders' remedies.
Company's ticker LGN; Blackstone remains the majority owner unless default occurs.

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