S&P rates Toro loans B+, CCC+

S&P said it assigned a preliminary B issuer credit rating to Toro Private Holdings I, Ltd., the new parent company of Travelport Worldwide Ltd.

The agency also assigned a B issuer credit rating to Toro Private Holdings III, Ltd., the initial borrower of new debt.

S&P also assigned a preliminary B+ rating and 2 recovery rating to the company's proposed first-lien facilities, along with a preliminary CCC+ rating and 6 recovery rating to its second-lien term loan.

Affiliates of private equity firms Siris Capital Group LLC and Evergreen Coast Capital Corp. are acquiring Travelport in an all-cash transaction valued at about $4.4 billion, the agency said.

The new owners intend to issue $2.8 billion of first-lien facilities and a $500 million second-lien term loan to fund the acquisition and refinance Travelport's existing capital structure.

The new capital structure also will include a $150 million first-lien revolving credit facility, which is expected to be undrawn at transaction close, S&P noted.

The ratings reflect a view that Travelport's operations are exposed to the seasonal and cyclical travel industry, the agency said.

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