S&P cuts Micro Holding loan

Standard & Poor's said that Micro Holding Corp. and MH Sub I LLC (Internet Brands, Inc.) changed the terms of their proposed transaction and it is therefore downgrading the ratings.

The credit facility will now consist of a five-year $75 million first-lien revolving credit facility, a $460 million first-lien term loan B, a $50 million delayed-draw term loan B and a $170 million second-lien term loan.

S&P revised the preliminary recovery rating on the company's first-lien credit facility to 3 from 2 and subsequently lowered the preliminary issue-level rating on this debt to B from B+, in accordance with the notching criteria.

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