S&P assigns Alterra Mountain loan B

S&P said it gave Alterra Mountain Co.’s planned $250 million term loan B add-on due 2026 a B rating with a 4 recovery rating.

The agency also revised the recovery rating on Alterra’s first-lien credit facilities, which comprise a $450 million revolver due 2022, a term loan B due 2024 with about $1.718 billion outstanding as of October, and a $400 million term loan B-2 due 2026 to 4 (45%) from 3 (50%). S&P said it sees weaker recovery prospects for its secured lenders following its issuance of the proposed $250 million term loan add-on. The agency also affirmed the B issue-level rating on this debt.

S&P affirmed Alterra’s B rating, and the outlook remains negative.

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