S&P rates SVP loan B-

S&P said it assigned B- and 3 recovery ratings to SVP Holdings LLC’s new $100 million delayed-draw first-lien term loan, non-fungible and undrawn at close, to fund acquisitions. The company also secured a $150 million fungible incremental first-lien term loan.

Concurrently, the agency affirmed its B- issue-level rating on the other first-lien credit facilities; the recovery ratings are 3. In addition, S&P affirmed the CCC issue-level rating on the second-lien credit facility; the recovery rating remains 6.

“We do not expect leverage will come down significantly in the coming years given the company's financial sponsor ownership and its track record of tuck-in acquisitions,” S&P said in a press release.

The outlook is stable.

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