S&P rates Novae, loans B

S&P said it assigned to Novae LLC a B issuer credit rating with a stable outlook.

Brightstar Capital Partners acquired Novae on Dec. 22. The company is seeking to refinance the acquisition financing with a new $50 million revolving credit facility due 2026, $350 million first-lien term loan due 2028, and $100 million delayed-draw first-lien term loan due 2028. The agency assigned B issue-level and 3 recovery ratings to the company's senior secured debt.

S&P said the ratings reflect an expectation that the company will continue to generate solid operating performance and will be able to maintain its adjusted debt-to-EBITDA ratio below 6.5x for the next 12 months.

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