S&P gives Regal Entertainment loan BB

Standard & Poor's said it assigned its BB issue-level rating and 1 recovery rating to Regal Entertainment Group's refinanced $1.06 billion senior secured credit facility.

The 1 recovery rating indicates an expectation for very high recovery (90%-100%) of principal for debtholders in the event of payment default.

The issue-level rating is two notches higher than Regal’s B+ corporate credit rating. The borrower is Regal Cinemas Corp.

The transaction will not affect Regal's adjusted leverage ratio, which was 4.6 times as of year-end 2014.

The company plans to use proceeds to refinance its existing senior secured credit facility.

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