In exchange, the Lightning receive prospect Daniel Walcott.
Walcott finished his second season in the Quebec Major Junior Hockey League this year with the Blainville-Boisbriand Armada. The 5-foot-11, 165-pound, blue liner had seven goals and 41 points in 54 regular season games.
The 21-year-old also appeared in one American Hockey League game with the Hartford Wolf Pack registering a minus-1 rating.
Walcott was originally the Rangers fifth round selection (140th overall) in 2014.