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S&P rates Windsor Financing loan BB+
Standard & Poor's said it assigned a preliminary BB+ rating to Windsor Financing LLC's proposed $246 million senior secured term loan B due October 2019.
The agency also assigned a preliminary 1 recovery rating to the loan.
The proceeds will be used from the notes to repay its 2006 senior and subordinated debt, among other uses.
The outlook is stable.
The facility is secured by a first-priority perfected lien on all property, commercial agreements and assets of the project, the agency said.
The stable outlook on the debt reflects a view that contractual revenues will comfortably cover debt service throughout the debt tenor and allow for only moderate refinancing risk at maturity, S&P said.
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