S&P gives Emerald loans BB-, notes B-

Standard & Poor's said it assigned Emerald Expositions Holding Inc. (formerly Nielsen Business Media Holding Co.) its B+ corporate credit rating.

The outlook is stable.

At the same time, the agency assigned the company's $520 million senior secured credit facilities an issue-level rating of BB- (one notch higher than the corporate credit rating) with a recovery rating of 2, indicating an expectation for substantial (70% to 90%) recovery for secured lenders in the event of a payment default.

The facility consists of a $90 million revolving credit facility due 2018 and a $430 million term loan due 2020.

In addition, S&P said it assigned the company's $200 million senior unsecured notes due 2021 an issue-level rating of B- (two notches lower than the corporate credit rating) with a recovery rating of 6, indicating an expectation for negligible (0% to 10%) recovery for unsecured lenders in the event of a payment default.

The company used the proceeds, along with about $350 million of equity, to fund the buyout of the company for $950 million.

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