NEW YORK (S&P Global Ratings) Jan. 27, 2021--S&P Global Ratings said today that its rating and outlook on Nexus Buyer LLC (B-/Stable/--; doing business as IntraFi Network) are unchanged by the company's proposed $140 million first-lien term loan add-on to its $963 million existing tranche due 2026. IntraFi plans to use net proceeds to repay its existing $135 million second-lien term loan (not rated), and its total outstanding debt balance will remain roughly unchanged at about $1.1 billion. The transaction will save the company about $7 million in annual interest. Our first-lien credit facility ratings are unchanged. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 50%) recovery in the event of a payment default. We expect
