S&P cuts Vivid Seats loan recovery rating

S&P said Hoya Midco LLC (Vivid Seats) obtained a new $260 million senior secured term loan and lowered the recovery rating for the pre-existing loan senior secured term loan to 4 from 3.

The new unrated loan lowers the recovery prospects for the secured loan lenders because the incremental term loan ranks equally with the previously outstanding loan, S&P said.

Though S&P said it lowered its revenue forecast for Vivid Seats, it affirmed the B- ratings on the company and the pre-existing loan. The agency said it sees a revenue decline of 65%-80% for Vivid Seats in 2020.

The outlook is negative.

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