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S&P rates Fanatics, loan BB-
S&P said it assigned BB- ratings to Fanatics Commerce Intermediate Holdco LLC, its parent entity, Fanatics Holdings Inc. and its planned $500 million senior secured term loan to fund investments. The loan’s recovery rating is 3.
“The rating reflects our wholistic view of Fanatics Holdings Inc., the parent entity, though we attribute most of the company's revenue to Fanatics Commerce. We view Fanatics Commerce as a core subsidiary of Fanatics Holdings because it is integral to the group's identity and strategy and accounts for almost all of Holdings' operating revenue and profit,” S&P said in a press release.
The proceeds will be used to fund investments at Fanatics Holdings.
The outlook is stable.
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