Bulletin: NEWAsurion Corp. And Subsidiaries Ratings Unaffected By Proposed First-Lien Term Bank Loan Repricing

NEW YORK (S&P Global Ratings) May 15, 2017--S&P Global Ratings said today its 'B+' long-term counterparty credit and senior secured debt ratings, and its '2 (80%)' recovery ratings on NEWAsurion Corp.'s senior secured debt are unchanged following the company's proposed repricing of its $1.2 billion first-lien term bank loan B-2 due 2020. The company intends to roll the term bank loan B-2 into the recently repriced term bank loan B-5 (L+3.00% due 2023) to achieve interest cost savings of 25 basis points and extend the maturity by slightly more than three years. The company's senior secured facilities pro forma for this refinancing will consist of a $190 million first-lien revolver, a $2.6 billion first-lien term loan B-4, and a $2.6

...NEW YORK (S&P Global Ratings) May 15, 2017--S&P Global Ratings said today its 'B+' long-term counterparty credit and senior secured debt ratings, and its '2 (80%)' recovery ratings on NEWAsurion Corp.'s senior secured debt are unchanged following the company's proposed repricing of its $1.2 billion first-lien term bank loan B-2 due 2020. The company intends to roll the term bank loan B-2 into the recently repriced term bank loan B-5 (L+3.00% due 2023) to achieve interest cost savings of 25 basis points and extend the maturity by slightly more than three years. The company's senior secured facilities pro forma for this refinancing will consist of a $190 million first-lien revolver, a $2.6 billion first-lien term loan B-4, and a $2.6 billion first-lien term loan B-5. Our 'B-' ratings and our '6 (5%)' recovery ratings on Asurion LLC's $2.15 billion second-lien term loan and Lonestar Intermediate Super Holdings LLC's $550 million senior unsecured term loan also remain unchanged. Only a rating...

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