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S&P rates ION Corporate Solutions notes B
S&P said it assigned its B issue-level rating and 4 recovery rating to debt-issuing subsidiaries ION Corporate Solutions Finance Sarl (euro notes issuer) and Helios Software Holdings Inc.'s (dollar notes issuer) proposed euro- and dollar-denominated senior secured notes.
All of the existing ratings on the subsidiaries, including B issuer credit rating on their parent ION Corporate Solutions Finance Ltd. (ION), are unchanged.
“We expect ION will use the net proceeds from these notes to repay a portion of its outstanding senior secured term loans, as well as for general corporate purposes. As such, we view this issuance as largely leverage neutral, S&P said in a news release.
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