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S&P rates Trader Interactive, loan B
S&P said it gave Trader Interactive LLC and its planned $410 million term loan B ratings. The loan’s recovery rating is 3.
“Our rating on Trader Interactive reflects its participation in a highly fragmented and competitive business providing online customer lead generation for dealers with specialty vehicle end-markets, low take rate, limited pricing power, relatively small scale of operations, limited geographic diversity, exposure to cyclical vehicular sales and vehicular advertising and high pro forma S&P Global Ratings-adjusted leverage of 7.2x in fiscal 2021,” S&P said in a press release.
The company plans to use the proceeds and cash on hand to repay debt, fund a $61 million dividend and pay related fees.
The outlook is stable, reflecting a forecast Trader Interactive will boost its revenue and EBITDA over the next 12 months.
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