Bulletin: BCP Renaissance Parent LLC $25 Million Term Loan B Upsizing Is Credit Neutral On 0.25% Reduction In SOFR

This report does not constitute a rating action. TORONTO (S&P Global Ratings) Nov. 11, 2024--S&P Global Ratings today said that its rating and outlook on BCP Renaissance Parent LLC (BCP; B+/Stable/--) are unaffected by the proposed $25 million upsizing of the company?s senior secured term loan B because of the 0.25% reduction in pricing. BCP will use proceeds from the add-on to fund a distribution to the sponsor. The new interest rate after the repricing will be the Secured Overnight Financing Rate plus 3.00%, which is 0.25% lower than previous rate. Because the add-on and repricing will not materially affect the company's credit metrics, we do not expect the transaction will affect our view of BCP. We continue to expect

...November 11, 2024 This report does not constitute a rating action. TORONTO (S&P Global Ratings) Nov. 11, 2024--S&P Global Ratings today said that its rating and outlook on BCP Renaissance Parent LLC (BCP; B+/Stable/--) are unaffected by the proposed $25 million upsizing of the company's senior secured term loan B because of the 0.25% reduction in pricing. BCP will use proceeds from the add-on to fund a distribution to the sponsor. The new interest rate after the repricing will be the Secured Overnight Financing Rate plus 3.00%, which is 0.25% lower than previous rate. Because the add-on and repricing will not materially affect the company's credit metrics, we do not expect the transaction will affect our view of BCP. We continue to expect S&P Global Ratings-adjusted EBITDA of 7.0x-7.5x and interest coverage below 2.0x in 2024. For our most recent analysis, see our full analysis, published April 1, 2024, on RatingsDirect....

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