S&P rates Emerald Acquisition loans BB

Standard & Poor’s said it assigned a BB rating to Emerald Acquisition Ltd.

The agency also said it assigned a BB rating to Russell Investment Group’s proposed $650 million first-lien term loan B due 2023 and $50 million first-lien revolving credit facility due 2021.

S&P also said it assigned a recovery rating of 3 to the proposed first-lien term loan and first-lien revolving credit facility. The 3 recovery ratings indicate 50% to 70% expected default recovery.

The outlook is stable.

Emerald is a newly created entity that markets itself as Russell Investment Group and was established after TA Associates and Reverence Capital Partners announced the acquisition of the asset-management business of Frank Russell Co. from the London Stock Exchange.

The agency said it anticipates the company will remain stable while operating with debt-to-adjusted EBITDA between 4x and 5x in the next 12 months.

© 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.