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S&P: Landmark Aviation on positive watch
Standard & Poor’s said it placed the B- corporate credit rating on LM U.S. Member LLC (Landmark Aviation) on CreditWatch with positive implications.
The agency also said it placed the B- ratings on the company’s senior secured first-lien revolver and term loan and CCC issue-level rating on the company’s second-lien term loan on CreditWatch with positive implications.
The recovery ratings on these facilities are unchanged.
The positive watch placement follows news that BBA Aviation plc plans to acquire Landmark Aviation from the Carlyle Group for $2.065 billion, S&P said.
BBA Aviation plans to finance the deal with a $1.1 billion equity issuance and a $1 billion credit facility, the agency said.
S&P said it does not rate BBA Aviation, but it does not believe that the combined entity’s credit quality will be worse than that indicated by the current rating on Landmark.
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