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S&P rates FEH term loan BB-
S&P said it assigned its BB- debt rating to FEH Inc.'s proposed term loan of $1.78 billion.
The proposed term loan would amend and extend the company's existing term loan due February 2027 and would be due February 2029. The revised pricing would tentatively be SOFR plus 275 basis points, from SOFR plus 250 bps and 10 bps of credit spread adjustment.
S&P’s recovery rating is unchanged at 35% for the term loan, implying average recovery expectations.
“We expect the transaction to be leverage neutral to the company. FEH paid down its $160 million of senior secured notes in the fourth quarter of 2023,” S&P said in a news release.
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