S&P rates MH Sub facility B

S&P said it gave MH Sub I, LLC’s planned first-lien loan facility B issue and 3 recovery ratings. The 3 recovery rating indicates an expectation for meaningful (50%-70%; rounded estimate: 55%) in default. The CCC+ issue-level and 6 recovery ratings on the company's second-lien term loan are unchanged. Concurrently, the agency affirmed the issuer’s B rating.

The company plans to issue a $4.8 billion first-lien term loan and put in place an upsized $300 million revolving credit facility.

MH Sub plans to use proceeds to refinance first-lien debt, fund a dividend to its financial sponsors of up to $1 billion, and pay related transaction fees.

The outlook is stable.

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