S&P revises FirstLight recovery

S&P said it revised the recovery rating for FirstLight Holdco Inc.’s first-lien $55 million revolver and $455 million term loan to 3 from 4.

“We raised our recovery valuation for the company by about $50 million to reflect the incremental value from its recent acquisitions (PrimeLink, TruePath, DFT, BestWeb and Kinber) and the significant capital expansion of its network over the last year. Therefore, we are revising our recovery rating to 3, which indicates our expectation for meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a payment default,” S&P said in a press release.

The agency affirmed its B- ratings on FirstLight and its first-lien debt and the CCC rating and 6 (0%) recovery rating on the second-lien term loan.

The outlook is stable.

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