S&P rates Press Ganey loan B

S&P said it assigned its B rating and 3 recovery rating to Azalea Topco Inc.’s (Press Ganey) incremental $180 million first-lien term loan. The 3 recovery rating indicates an expectation of average (50%-70%; rounded estimate: 55%) recovery prospects in the event of a hypothetical default.

The agency said it expects the proceeds, about $30 million of cash and $30 million of new equity to fund acquisitions of two companies offering online reputation management services.

The issuer credit rating remains B. The issue-level ratings on its $250 million first-lien revolver and $1.24 billion first-lien term loan remain B with recovery ratings of 3. The company also has about $450 million of unrated second-lien notes outstanding.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.