Bulletin: NEP/NCP Holdco Inc.'s Leverage Remains Within Expectations With The Term Loan Add-On

NEW YORK (S&P Global Ratings) Aug. 8, 2019--S&P Global Ratings today said 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 $100 million Euro-equivalent add-on to its euro first-lien term loan due October 2025. The company plans to use the proceeds to pay down its outstanding revolver balance. This transaction will initially be leverage neutral and we view this as consistent with NEP's track record of utilizing its revolver to make acquisitions before paying the balance down with incremental debt add-ons to the term loans. The unaffected ratings include our 'B+' issue-level ratings and '2' recovery ratings on the company's first-lien revolving credit facility and term

...August 8, 2019 NEW YORK (S&P Global Ratings) Aug. 8, 2019--S&P Global Ratings today said 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 $100 million Euro-equivalent add-on to its euro first-lien term loan due October 2025. The company plans to use the proceeds to pay down its outstanding revolver balance. This transaction will initially be leverage neutral and we view this as consistent with NEP's track record of utilizing its revolver to make acquisitions before paying the balance down with incremental debt add-ons to the term loans. The unaffected ratings include our 'B+' issue-level ratings 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 '###+' issue-level and...

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