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S&P: USI loan B-, notes CCC
Standard & Poor's said it assigned B- debt and 3 recovery ratings to USI Inc.'s senior secured facilities consisting of a $1.025 billion term loan due 2019 and $150 million revolving credit facility due 2017.
The agency also assigned CCC debt and 6 recovery ratings to the company's $630 million senior unsecured notes due 2021.
The 3 recovery rating indicates 50% to 70% expected recovery in a default, while the 6 recovery rating indicates 0 to 10% default recovery.
The agency said it assigned these final ratings following news that USI has closed and funded the transaction for its senior secured credit facilities and senior notes issuance.
USI issued this debt in conjunction with its $2.3 billion leveraged buyout by Onex Corp.
The agency also said it withdrew the counterparty credit rating on USI Holdings Corp., which is the issuer of debt, as this debt has been repaid.
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