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S&P rates Allegiant Travel notes B+
S&P said it assigned its B+ issue-level rating and 2 recovery rating to Allegiant Travel Co.'s planned $150 million of senior secured notes due 2024. The 2 recovery rating indicates expectations for substantial recovery (70%-90%; rounded estimate: 75%) in a default.
The company will use the proceeds to supplement its liquidity position.
“Our issue-level rating on Allegiant's existing $545.5 million term loan B remains at B+. Our 2 recovery rating is unchanged, though we revised our rounded estimate to 75% from 85% based on the company's higher debt level,” S&P said in a press release.
The agency said Allegiant’s B issuer rating also remains unchanged.
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