S&P cuts Veritas secured rating

S&P said it lowered Veritas Holdings Ltd.’s secured debt rating to B- from B and recovery rating to 3 from 2.

Veritas plans to refinance a substantial portion of its $783 million of senior unsecured notes with a $450 million incremental first-lien term loan and $200 million of cash.

S&P said it lowered the secured rating based on the diminished subordinated debt cushion in the capital structure.

The agency also affirmed its B- issuer credit rating on Veritas and issuer subsidiaries Veritas US Inc. and Veritas Bermuda Ltd., which is expected to be named Veritas NL Intermediate Holdings BV. The notes’ issue and recovery ratings remain CCC and 6.

The outlook is stable.

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