S&P rates Hemisphere Media loan B

S&P said it assigned its B issue-level and 3 recovery ratings to the $335 million senior secured term loan A due 2027 issued by Hemisphere Media Group Inc.'s subsidiary Hemisphere Media Holdings LLC. The 3 recovery rating indicates substantial (50%-70%; rounded estimate: 60%) recovery for lenders in default.

“All our existing ratings on Hemisphere, including our B issuer credit rating and stable outlook, are unchanged,” S&P said in a press release.

Hemisphere used the proceeds, cash on hand and the cash proceeds from its sale of Pantaya, to buy all of its outstanding shares and retire its debt. The transaction closed on Sept. 13, and Searchlight Capital Partners now owns 100% of Hemisphere Media Group Inc.

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