...February 7, 2023 NEW YORK (S&P Global Ratings) Feb. 7, 2023--S&P Global Ratings today assigned its 'B+' issue-level rating to Asurion LLC's proposed $1.0 billion term loan B-11 due 2028. We also assigned a '3' recovery rating, indicating our expectation of meaningful recovery (50%-70%; rounded estimate: 65%) in the event of payment default. All existing ratings, including the 'B+' issuer credit ratings on Asurion Group Inc., Asurion LLC, and Lonestar Intermediate Super Holdings LLC, are unchanged by the new debt issuance. We view this transaction as leverage neutral because Asurion intends to use proceeds from the new issuance to partially refinance $953 million of its existing $2.1 billion B-7 term loan due November 2024. We expect the new financing to be priced on a SOFR benchmark and a higher spread, with all other terms identical to the company's existing first-lien term loans. Pro forma for the transaction, our adjusted debt to EBITDA is about 6x as of year-end 2022, with EBITDA interest...
