Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers J > Headlines for Jazz Acquisition Inc. > News item |
S&P rates Jazz Acquisition loans B-, CCC
S&P said it assigned its B- issue-level rating and 4 recovery rating to Jazz Acquisition Inc.'s proposed $75 million revolving credit facility due 2024 and $405 million first-lien term loan due 2026. The 4 recovery rating indicates an expectation for average (30%-50%; rounded estimate: 45%) recovery in a default scenario.
At the same time, S&P said it assigned a CCC issue-level rating and 6 recovery rating to the company's proposed $125 million second-lien term loan due 2027. The 6 recovery rating indicates an expectation for negligible (0%-10%; rounded estimate: 0%) recovery in a default scenario.
All of S&P’s other ratings on Jazz remain unchanged.
“Our ratings on Jazz reflect its small size, the limited scope of its operations in highly competitive markets, and its weak – but improving – credit metrics,” S&P said in a news release.
“These factors are slightly offset by the company's good position in distributing bearings, seals, filters, and lighting to commercial aerospace customers and its improving customer and program diversity.”
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.