...August 10, 2022 NEW YORK (S&P Global Ratings) Aug. 10, 2022--S&P Global Ratings today assigned its 'B+' debt rating to Asurion Group Inc. and subsidiaries' proposed $1.184 billion term loan B-10 due 2028. We also assigned a '3' recovery rating, indicating our expectation of meaningful recovery (65%) in the event of payment default. Included in this transaction, the company intends to extend the maturity on its $250 million revolver to 2027. We rate the revolver and existing first-lien term loans 'B+', with a recovery rating of '3' (65%). We also rate the company's second-lien term loans 'B' with a recovery rating of '5', which indicates our expectation for modest recovery (10%) in the event of a default. We expect the new financing to have identical terms to the company's existing first-lien term loans and for Asurion Group to use the proceeds to refinance the company's maturing $1.719 billion term loan B-6, as well as pay related fees and expenses. Additionally, with the planned refinancing,...
