S&P affirms Globetrotter, trims first-lien rating

S&P said it affirmed its B- issuer credit rating on Globetrotter Intermediate LLC’s (Quickbase) and lowered the first-lien debt to B- from B with a recovery prospect of 3 (50% recovery).

The outlook is stable.

Globetrotter plans to issue a $152 million fungible incremental first-lien term loan to fully repay its existing $140 million second-lien term loan and partially pay down the drawn revolver. The transaction is largely leverage neutral.

The downgrade of the first-lien debt is because the absence of a cushion from the second-lien term loan would diminish recovery prospects of first-lien debt in the event of default, S&P noted.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.