S&P rates Bracket loans B-

S&P said it assigned its B- issuer credit rating to Buccaneer Intermediate Holdco Ltd. UK.

The outlook is stable.

At the same time, the agency assigned its B- issue-level rating and 3 recovery rating to subsidiary Bracket Intermediate Holding Corp.'s proposed first-lien credit facility, which consists of a $40 million revolving credit line due 2023 and a $545 million first-lien term loan due 2025.

The 3 recovery indicates an expectation for meaningful (50%-70%; rounded estimate: 55%) recovery for the first-lien debtholders in the event of default.

At the company's request, S&P did not rate the second-lien term loan.

Genstar Capital LLC plans to acquire CRF Health Group Ltd., funded in part with new debt, and combine it with a company in its portfolio, Bracket Intermediate.

“The rating reflects Buccaneer's high leverage following the transaction and our expectation of minimal cash flow generation as the company integrates CRF with Bracket,” the agency said in a news release.

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