...June 11, 2024 ENGLEWOOD (S&P Global Ratings) June 11, 2024--S&P Global Ratings today affirmed its 'B-' issue-level rating on Ankura Holdings L.P.'s subsidiary, Ankura Consulting Group, LLC's first-lien facility following the company's announcement that it upsized its first lien term loan to $765 million. The '3' recovery rating is unchanged, indicating our expectation for average (30%-50%; rounded estimate: 50%) recovery for the first-lien lenders in the event of a default. Ankura announced it will use the $175 million of proceeds from the fungible first-lien term loan add-on to pay down its existing second-lien term loan, which leads us to view the transaction as net leverage neutral. The proposed offering will increase the company's first-lien debt balance, which reduces the residual value available to, and recovery prospects for, its first-lien lenders. The increase in its first-lien debt is not significant enough to warrant a revision of our recovery rating; however, we did lower our...
