...NEW YORK (S&P Global Ratings) Jan. 9, 2017--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; upper half of the range) to Asurion LLC's $2.65 billion first-lien term loan B-4 due 2022. The interest cost on the first-lien term loan B-4 will be L+3.50% with a floor of 1.0%. Asurion, will use the proceeds of the loan to repay the outstanding $2.654 billion on its first-lien term bank loan B-4 due 2022 that had an interest cost of L+4.0% with a floor of 1.0%. While this repricing lowers the company's overall interest burden slightly, 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. The recovery ratings for all tranches on Asurion LLC's first-lien senior secured term loan, including...
