S&P assigns CCC+ to USI notes

S&P said it assigned its CCC+ debt rating to USI Inc.'s planned $620 million of senior unsecured notes due 2032. The agency also assigned a 6 recovery rating to the notes, indicating negligible recovery (0%) if the issuer defaults.

The ratings on USI, including the B long-term issuer credit rating and B revolver and first-lien term loan ratings, are unchanged by the issuance, S&P said.

USI is expected to use the proceeds to refinance its $615 million of senior unsecured notes, also rated CCC+ with a 6 recovery rating, and pay related fees and expenses.

The outlook is stable.

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