S&P assigns B- to Amynta loans

S&P said it assigned B- debt ratings to Amynta Agency Borrower Inc.'s and Amynta Warranty Borrower Inc.'s, subsidiaries of Amynta Holdings LLC; collectively Amynta Group, proposed first-lien credit facilities consisting of a $110 million revolving credit facility due 2027 and a $1,040 million first-lien term loan due 2028. The recovery ratings are 3, indicating meaningful (50%-70%; rounded estimate: 65%) recovery in default.

Amynta’s other B- issuer and issue ratings are unchanged, the agency said.

“We expect the new financing to be priced on a SOFR benchmark with proceeds to be used to refinance existing first-lien debt (including a $110 million undrawn revolver due 2024, an $828 million first-lien term loan due 2025, and a $175 million incremental first-lien term loan due 2025) and pay related transaction fees and expenses. We will withdraw ratings on existing first-lien facilities due 2024 and 2025 once the debt has been repaid,” S&P said in a press release.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.