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S&P puts Vivid Seats on positive watch
S&P said it placed all its ratings on Hoya Midco LLC (Vivid Seats) on CreditWatch with positive implications.
The placement follows Vivid Seats agreeing to merge with special-purpose acquisition company Horizon Acquisition Corp. After the merger, company will be publicly listed.
Gross proceeds are expected to be about $769 million. Vivid Seats plans to repay debt, optimize its capital structure and expand its operations with the proceeds.
“The CreditWatch placement reflects that we could raise our ratings on Vivid Seats by one notch or more at the close of the transaction because we expect the company's pro forma leverage to decline substantially under the proposed deal terms,” S&P said in a press release.
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