S&P gives Evertec loans B+

S&P said it assigned its B+ issue-level rating to Evertec Group LLC's proposed senior secured $135 million term loan A due in 2023, $425 million term loan B due in 2024 and $125 million revolving credit facility due in 2023.

The company will use the net proceeds primarily to refinance its term loans due in 2020, totaling $570 million.

The 3 recovery rating on the proposed debt indicates an expectation for meaningful recovery (50%-70%; rounded estimate: 50%).

“Our B+ issuer credit rating on Evertec is based on our view of its strong market position as a merchant acquirer in Puerto Rico, offset by a relatively weak economic environment and hurricane-related setbacks in the country,” S&P said in a news release.

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