S&P affirms Expro’s proposed loans

Standard & Poor’s said it affirmed its B issue rating on Expro Holdings U.K. 3 Ltd.’s proposed term loan B facility due 2021. The recovery rating of 2 is unchanged.

S&P also affirmed the B issue rating on the $250 million revolving credit facility due 2019 to be issued alongside the term loan B. The 2 recovery rating is unchanged.

At the same time, S&P affirmed the CCC+ issue rating on Expro’s $1 billion mezzanine facility due in 2018. The 5 recovery rating is unchanged.

Expro’s new subsidiaries will issue the term loan B facility, which has been upsized to $1,435,000,000 from $1.16 billion. Based on recovery assumptions, S&P estimates the recovery rate for the proposed term loan B facility will be at the lower end of 70%-90% recovery range.

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