S&P elevates Triton UK Midco loans

S&P said it raised its preliminary issue rating on Triton UK Midco's proposed $305 million first-lien term loan due in 2024 and the $50 million revolving credit facility due in 2023 to B+ from B.

S&P also affirmed its preliminary B issuer rating on Triton.

The outlook is negative.

Under the new structure, the total debt at closing will be reduced by $10 million while the total amount of the first-lien facility will decrease to $305 million from $415 million and will be replaced with a $100 million new second-lien facility, S&P said.

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