S&P gives FirstLight B-, Flight loans B-, CCC

S&P said it assigned its B- corporate credit rating to OHCP Northeastern Fiber Buyer Inc. (FirstLight Fiber). The outlook is stable.

The agency also assigned its B- issue-level rating to Flight Bidco Inc.' s proposed first-lien facilities, which consist of a $55 million revolving credit facility due in 2023 and a $375 million term loan B due in 2025.

The 3 recovery rating indicates an expectation for meaningful recovery (50%-70%; rounded estimate: 50%) for lenders in the event of a payment default.

The agency also assigned its CCC issue-level rating to the company's $90 million second-lien term loan due in 2026. The 6 recovery rating indicates an expectation for negligible recovery (0%-10%; rounded estimate: 0%).

Antin Infrastructure will acquire FirstLight Fiber from Oak Hill Capital Partners in a transaction funded with a combination of debt and equity. Flight Bidco will be merged with and into FirstLight.

“The ratings on FirstLight reflect its elevated adjusted debt to EBITDA of about 7.5x and the likelihood that leverage will remain high longer term because of its private equity ownership,” S&P said in a news release.

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