S&P rates Priority loan B-

S&P said it rated Priority Technology Holdings Inc.’s planned $790 million term loan B- with a 3 recovery rating.

The agency also affirmed the company’s B- rating.

Priority plans to use the loan to repay a $125 million portion of its redeemable senior preferred stock outstanding and to pay its entire $652.7 million term loan.

The outlook is positive.

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