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S&P rates RSA, loans B, B-
S&P said it assigned a B issuer credit rating to RSA Security and a B issue-level rating and a 3 recovery rating (65% recovery estimate) to the company’s $1.05 billion senior secured first-lien term loan due in 2027 and $75 million undrawn revolving credit facility due in 2025.
Concurrently, S&P assigned a B- issue-level rating and a 5 recovery rating (10% recovery estimate) to the $300 million senior secured second-lien term loan.
A group led by Symphony Technology Group will use the proceeds to acquire RSA from Dell Technologies Inc.
“The rating on RSA reflects the company’s high pro forma leverage, which we estimate will be over 6.5x at the end of fiscal 2021 and over 5.5x by the end of fiscal 2022,” S&P said in a press release.
The outlook is stable.
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