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S&P assigns USI loan B
S&P said it assigned its B debt rating to USI Inc.'s planned $2.5 billion term loan B due 2029. The recovery rating on the loan is 3 indicating meaningful recovery (50%) in default.
The agency also rates USI's $400 million first-lien credit facility and $682 million term loan B with a 3 recovery rating (50%). USI's $615 million senior notes due 2025 are rated CCC+ with a recovery rating of 6 (0%).
The new financing is expected to have similar terms to the company's first-lien term loans and USI to use the proceeds to refinance the company's maturing $2.48 billion term loan, and pay related fees and expenses.
“We expect this transaction to be leverage neutral and pro forma financial leverage as of the 12 months ended Sept. 30, 2022, to be 5.9x with EBITDA interest coverage exceeding 2.5x,” S&P said in a press release.
The outlook is stable.
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