S&P rates AssuredPartners loan B

S&P said it assigned its B debt rating to AssuredPartners Inc.’s proposed $2.122 billion term loan due 2027 and $350 million revolver loan due 2025. The agency also assigned a 3 recovery rating, indicating expectations of meaningful recovery (55%) in the event of a payment default. Additionally, S&P currently rates Assured Partners’ senior notes due 2025 and 2027 CCC+ with a recovery rating of 6 (0%), which indicates expectations for negligible recovery in the event of a default.

“We expect the new financing to have identical terms to the company’s previous senior secured borrowings and for AssuredPartners to use the proceeds to pay down the existing first-lien term loan, repay borrowings on the revolving credit facility, fund acquisitions and pay related fees and expenses,” said S&P in a press release.

S&P’s B rating for the company is unaffected by the new loan and revolver.

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