S&P assigns Conduent notes BB-

S&P said it assigned BB- and 2 recovery ratings to Conduent Inc.'s upcoming offering of $520 million of senior secured notes due in 2029. The 2 recovery rating indicates an expectation for substantial (70%-90%; rounded estimate: 75%) recovery in default. Subsidiaries Conduent Business Services LLC and Conduent State & Local Solutions Inc. are issuing the new debt.

Conduent will use the proceeds to help refinance its capital structure along with its new $550 million senior secured revolving credit facility due in 2026, $265 million senior secured term loan A due in 2026 and $515 million senior secured term loan B due in 2028. Last month, S&P assigned the facilities BB- and 2 recovery ratings.

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.