S&P assigns RE/MAX loans BB

S&P said it assigned BB issue and 3 recovery ratings to RE/MAX LLC’s planned secured credit facilities. The 3 recovery rating on this debt indicates an expectation for meaningful recovery (50%-70%; rounded estimate: 65%). The agency also affirmed the company’s BB issuer rating.

RE/MAX will use a $460 million secured term loan due 2028 to fund the reacquisition of franchisor rights to four independent regions in North America and refinance its debt. The company also plans to upsize and extend its revolving credit facility with a new $50 million secured facility due in 2026.

The outlook is stable.

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