S&P rates Nielsen term loan B

S&P said it rated Neptune Bidco US Inc.'s (Nielsen) planned $1.75 billion first-lien term loan B due 2029, which it will split between dollar- and euro-denominated tranches, B with a 2 recovery rating. The 2 recovery rating indicates meaningful (70%-90%; rounded estimate: 80%) recovery in default.

“All of our existing ratings on Nielsen, including our B- issuer credit rating, are unchanged. The stable outlook reflects our expectation that the company will maintain its leadership position in audience measurement while increasing its revenue by 3%-5% and generating an S&P Global Ratings-adjusted EBITDA margin in the mid- to high-30% area,” S&P said in a press release.

The company intends to use the proceeds to replace its bridge loan debt, which it incurred as part of its acquisition in October.

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