S&P lifts Morsco loan B+

S&P said it raised the rating on Morsco Inc.'s $300 million senior secured term loan due 2023 to B+ from B.

The upgrade was based on revised final terms of the term loan that closed Oct. 31 and the impact of a smaller priority asset-based revolving credit facility on the term loan recovery prospects, S&P explained.

Specifically, the original proposed capital structure consisted of a $350 million asset-based revolving credit facility and $300 million senior secured term loan, the agency said.

Final terms of these facilities resulted in a reduced $300 million asset-based revolving credit due 2019 and the amortization on the $300 million term loan changed to 5% per year from the previous 1% per year, S&P said.

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