S&P rates EagleView Technology loans B, CCC+

Standard & Poor's said it assigned a preliminary B corporate credit rating to EagleView Technology Corp. The outlook is stable.

At the same time, S&P assigned a preliminary B issue-level rating and preliminary 3 recovery rating to the company’s $20 million revolving credit facility due 2020 and its $240 million first-lien term loan due 2022. The preliminary 3 recovery rating indicates an expectation for meaningful (50%-70%; at the higher end of the range) recovery in the event of payment default.

S&P also assigned a preliminary CCC+ issue-level rating and preliminary 6 recovery rating to the company’s proposed $100 million second-lien term loan due 2023. The preliminary 6 recovery rating indicates an expectation for negligible (0%-10%) recovery in the event of a payment default.

“The preliminary rating on EagleView reflects our pro forma adjusted leverage near 7x as of May 2015, which we expect will fall to around 6x during the next 12 months as the company continues to generate good revenue growth and achieve margin expansion, given its scalable and recurring business model,” S&P said in a news release.

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