S&P rates Franklin Square loan BB

S&P said it rated Franklin Square Holdings LP’s planned $700 million seven-year term loan BB with a 3 recovery rating. The 3 rating indicates meaningful (50%-70%; rounded estimate: 50%) recovery if the borrower defaults.

Franklin Square is expected to use the proceeds to repay its outstanding $498 million first-lien term loan B and $149 million term loan A and for general corporate purposes, including share repurchases.

The outlook is stable.

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