---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-291503"
form_type: "8-K"
ticker: "LGN"
cik: "0002052568"
company_name: "Legence Corp."
filed_at: "2025-11-21T23:59:59+00:00"
generated_at: "2026-05-16T17:45:18.217848+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-25-291503
- form_type: 8-K
- ticker: LGN
- cik: 0002052568
- company_name: Legence Corp.
- filed_at: 2025-11-21T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 5.01, 8.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/2052568/000119312525291503/0001193125-25-291503-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/2052568/000119312525291503/d76911d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-291503
- JSON: https://secwatch.observer/filing/0001193125-25-291503.json
- Plain text: https://secwatch.observer/filing/0001193125-25-291503.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.