S&P rates Ensono add-on loan B

S&P said it assigned a B rating with a 2 recovery rating to Ensono LP’s proposed $76 million senior secured first-lien incremental term facility due in 2025. The 2 recovery rating indicates the expectation for substantial (70%-90%; rounded estimate: 70%) recovery for lenders in the event of default.

The loan ranks equally with Ensono’s other secured first-lien term loans and carries substantially the same terms, S&P said.

The agency said it expects Ensono to use the proceeds of the debt to repay outstanding revolver borrowings and fund cash to the balance sheet, providing a greater liquidity cushion to fund capital spending associated with signed customer projects.

The outlook is stable.

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