This report does not constitute a rating action. NEW YORK (S&P Global Ratings) Jan. 24, 2025--S&P Global Ratings said today that Blackhawk Network Holdings Inc.?s plans to reprice its term loan B due 2029 while simultaneously using cash on hand to voluntarily repay $90 million of original principal on the existing, is modestly credit positive. However, its ratings on Blackhawk, including the 'B' issuer credit rating and the 'B' issue-level and '3' recovery ratings on its senior secured first-lien term loan are unchanged. Pro forma the transaction, we expect Blackhawk?s leverage, which was near 5.8x as of Sept. 30, 2024, to improve to about 5.5x. That said, even at these levels, its credit metrics will remain within the thresholds for
