...NEW YORK (S&P Global Ratings) Dec. 5, 2016--S&P Global Ratings said today that it assigned its 'B+' senior secured debt rating and a '2' recovery rating (indicating an expectation of substantial [70%-90%] recovery in case of default; lower half of the range) to Asurion LLC's $1.21 billion first-lien term loan B-2 due 2020. The interest cost on the first-lien term loan B-2 will be LIBOR+3.25% with a floor of 0.75%. Asurion will use the proceeds of the loan, along with $4 million cash from the balance sheet, to repay the outstanding $398 million on its first-lien term bank loan B-1 due 2019, and repay the outstanding $813 million on its first-lien term bank loan B-2 due 2020. We do not expect our assessment of the company's highly leveraged financial risk profile to change, as we view this transaction as essentially leverage neutral with proceeds from the issuance used to refinance existing debt. RELATED CRITERIA AND RESEARCH + Criteria - Corporates - General: Corporate Methodology, Nov....
