Bulletin: NEP/NCP Holdco Inc. Ratings Unaffected By Proposed $125 Million Term Loan Add-On

NEW YORK (S&P Global Ratings) May 1, 2018--S&P Global Ratings said today that its ratings and outlook on Pittsburgh-based entertainment production company and service provider NEP/NCP Holdco Inc. (NEP; B/Stable/--) are not affected by the company's announcement that it is amending its credit agreement to increase its U.S. dollar-denominated first-lien term loan by a total of $125 million. The company plans to use the proceeds to pay down its outstanding revolver balance. The unaffected ratings include our 'B+' issue-level and '2' recovery ratings on the company's first-lien revolving credit facility and term loans. The '2' recovery rating indicates our expectation for substantial recovery (70%-90%; rounded estimate: 70%) of principal in the event of a payment default. Our 'B-' issue-level and

...NEW YORK (S&P Global Ratings) May 1, 2018--S&P Global Ratings said today that its ratings and outlook on Pittsburgh-based entertainment production company and service provider NEP/NCP Holdco Inc. (NEP; B/Stable/--) are not affected by the company's announcement that it is amending its credit agreement to increase its U.S. dollar-denominated first-lien term loan by a total of $125 million. The company plans to use the proceeds to pay down its outstanding revolver balance. The unaffected ratings include our 'B+' issue-level and '2' recovery ratings on the company's first-lien revolving credit facility and term loans. The '2' recovery rating indicates our expectation for substantial recovery (70%-90%; rounded estimate: 70%) of principal in the event of a payment default. Our 'B-' issue-level and '5' recovery ratings on the company's second-lien term loan are also unaffected. The '5' recovery rating indicates our expectation for modest recovery (10%-30%; rounded estimate: 10%) of principal...

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