...November 5, 2019 CENTENNIAL (S&P Global Ratings) Nov. 5, 2019--S&P Global Ratings today assigned its 'B' issue-level rating and '3' recovery rating to Alterra Mountain Co.'s proposed upsized $1.736 billion senior secured term loan facility due 2024. The company will use the majority of the proceeds from this loan to refinance its existing term loan facility and employ $50 million to fund an undisclosed asset acquisition under its letter of intent (LOI). The '3' recovery rating indicates our expectation for meaningful recovery (50%-70%; rounded estimate: 60%) of principal in the event of a payment default. We have modestly raised our valuation of Alterra in a simulated default scenario to reflect the tuck-in acquisition under its LOI, which partially offsets the $50 million increase in its term loan debt. Therefore, we assigned the same ratings to the new term loan facility as our ratings on its existing term loan facility. While Alterra Mountain Co. plans to use the incremental $50 million...
