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S&P gives Liaison loans B
S&P said it assigned its B issuer credit rating to LI Group Holdings Inc. (Liaison).
Liaison has been acquired by an affiliate of Meritage Group LP.
The company will fund the transaction with a $225 million first-lien term loan and cash equity from Meritage and company management.
The agency assigned its B issue-level and 3 recovery ratings to the company's $225 million first-lien term loan B and $15 million first-lien revolving credit facility.
S&P said the rating is based on a view that sustained organic revenue growth and modest margin expansion will enable the firm to reduce leverage from the high-7x area to less than 7x within 12 months of close.
The outlook is stable.
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