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Published on 5/29/2019 in the Prospect News Bank Loan Daily.

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.”


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