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S&P affirms Dave & Buster's, gives loan BB-
Standard & Poor's said it affirmed its B corporate credit rating on Dave & Buster's Inc.
The agency said that the action comes after the announcement that the current private-equity sponsors, Wellspring Capital Management, have agreed to sell the company to Oak Hill Capital Partners.
S&P said it is also assigning a BB- issue level rating and 1 recovery rating to the company's new $200 million senior secured credit facilities, consisting of a $150 million term loan and a $50 million revolving credit facility.
"The speculative-grade rating on Dave & Buster's reflects the company's highly leveraged capital structure, resulting in thin cash flow protection and its participation in the highly competitive restaurant and out-of-home entertainment industries," said S&P credit analyst Charles Pinson-Rose, "which are both vulnerable to downturns in consumer spending."
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