S&P rates RentPath loan B

S&P said it assigned RentPath LLC’s $74 million first-lien new money debtor-in-possession term loan a B rating.

“The DIP loan is structured to be either paid in full in cash upon the company's successful sale to a third party or converted into exit financing upon the company's emergence from bankruptcy if the company is sold to its prepetition first-lien lenders. The lenders have also committed to providing an exit term facility comprising an $88.7 million term loan A rolled over from the DIP facility, and a new money $71 million term loan B facility,” S&P said in a press release.

S&P said it contemplates the company repaying the loan in cash since a third party won the court-approved sale process.

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