Bulletin: NEWAsurion Corp. And Subsidaries 'B+' Ratings Unaffected By Proposed Term Loan Repricing

NEW YORK (S&P Global Ratings) July 25, 2017--S&P Global Ratings said today its 'B+' long-term corporate credit and senior secured debt ratings, and '3' recovery ratings on NEWAsurion Corp.'s senior secured debt are not affected by the company's proposed repricing of its $2.6 billion first-lien term bank loan B-4 due 2022. The company expects the interest on the senior secured term bank loan B-4 to improve by approximately 25 basis points to 50 basis points from its current level of LIBOR plus 3.25% as well as removing the 1% LIBOR floor. As a result of the repricing, we are revising our recovery prospects on the company's first-lien senior secured debt to 60% from 65%. The company's senior secured facilities, pro

...NEW YORK (S&P Global Ratings) July 25, 2017--S&P Global Ratings said today its 'B+' long-term corporate credit and senior secured debt ratings, and '3' recovery ratings on NEWAsurion Corp.'s senior secured debt are not affected by the company's proposed repricing of its $2.6 billion first-lien term bank loan B-4 due 2022. The company expects the interest on the senior secured term bank loan B-4 to improve by approximately 25 basis points to 50 basis points from its current level of LIBOR plus 3.25% as well as removing the 1% LIBOR floor. As a result of the repricing, we are revising our recovery prospects on the company's first-lien senior secured debt to 60% from 65%. The company's senior secured facilities, pro forma for this refinancing and the refinancing the company did earlier in July, will consist of a $190 million first-lien revolver, $2.6 billion first-lien term loan B-4, and $3.4 billion first-lien term loan B-5. Our 'B-' ratings and '6 (5%)' recovery ratings on Asurion LLC's...

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