Bulletin: Blackhawk Network Holdings Inc.'s Upsized First-Lien Term Loan Is Credit Neutral - S&P Global Ratings’ Credit Research

Bulletin: Blackhawk Network Holdings Inc.'s Upsized First-Lien Term Loan Is Credit Neutral

Bulletin: Blackhawk Network Holdings Inc.'s Upsized First-Lien Term Loan Is Credit Neutral - S&P Global Ratings’ Credit Research
Bulletin: Blackhawk Network Holdings Inc.'s Upsized First-Lien Term Loan Is Credit Neutral
Published Feb 29, 2024
2 pages (1088 words) — Published Feb 29, 2024
Price Free  |  Buy this Report Now

About This Report

  
Abstract:

NEW YORK (S&P Global Ratings) Feb. 29, 2024--S&P Global Ratings said today that its 'B' issuer credit rating on Blackhawk Network Holdings Inc. (B/Stable/--) and 'B' issue-level rating on its senior secured first-lien term loan are unaffected by the upsizing of its proposed senior secured first-lien term loan due 2029. We expect Blackhawk to use the incremental amount of the first- lien term loan to repay the remaining amount of the second-lien term loan. Accordingly, this will yield the same amount of debt underpinning our previous expectations for pro forma leverage of about 5.5x at the closing of the Tango acquisitions, and improving to low-5x by the end of 2024, as well as in our hypothetical default scenario. Repaying the

  
Brief Excerpt:

STANDARD & POOR'S, S&P and RATINGSDIRECT are registered trademarks of Standard & Poor's Financial Services LLC. S&P may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or...

  
Report Type:

Bulletin

Issuer
Blackhawk Network Holdings Inc.
GICS
Data Processing & Outsourced Services (45102020)
Sector
Global Issuers
Country
United States
Region
United States
Format:
PDF Adobe Acrobat
Buy Now

More from S&P Global Ratings’ Credit Research

S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

About the Author


Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Bulletin: Blackhawk Network Holdings Inc.'s Upsized First-Lien Term Loan Is Credit Neutral" Feb 29, 2024. Alacra Store. May 10, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Bulletin-Blackhawk-Network-Holdings-Inc-s-Upsized-First-Lien-Term-Loan-Is-Credit-Neutral-3309877>
  
APA:
S&P Global Ratings’ Credit Research. (). Bulletin: Blackhawk Network Holdings Inc.'s Upsized First-Lien Term Loan Is Credit Neutral Feb 29, 2024. New York, NY: Alacra Store. Retrieved May 10, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Bulletin-Blackhawk-Network-Holdings-Inc-s-Upsized-First-Lien-Term-Loan-Is-Credit-Neutral-3309877>
  
Free
$  £  €
Have a Question?

Any questions about the report you're considering? Our Customer Service Team can help! Or visit our FAQs.

More Research

Search all our Credit Research from one place.