Bulletin: NVA Holdings Inc. Ratings Unaffected By $230 Million Senior Secured Debt Add-On

TORONTO (S&P Global Ratings) Feb. 15, 2017--S&P Global Ratings said today that its ratings and outlook on NVA Holdings Inc. (B/Stable/--) are not affected by the company's issuance of a $180 million add-on to its senior secured first-lien term loan and a $50 million add-on to its senior secured second-lien term loan. The company will use proceeds from the add-ons to prepay the $185 million term loan B-1 ($104 million outstanding), repay $50 million of revolver borrowings, and to fund future acquisitions. The unaffected ratings include our 'B' issue-level and '3' recovery ratings on the first-lien debt and our 'CCC+' issue-level and '6' recovery ratings on the second-lien debt. The '3' recovery rating indicates our expectation for meaningful (50%-70%; upper

...TORONTO (S&P Global Ratings) Feb. 15, 2017--S&P Global Ratings said today that its ratings and outlook on NVA Holdings Inc. (B/Stable/--) are not affected by the company's issuance of a $180 million add-on to its senior secured first-lien term loan and a $50 million add-on to its senior secured second-lien term loan. The company will use proceeds from the add-ons to prepay the $185 million term loan B-1 ($104 million outstanding), repay $50 million of revolver borrowings, and to fund future acquisitions. The unaffected ratings include our 'B' issue-level and '3' recovery ratings on the first-lien debt and our '###+' issue-level and '6' recovery ratings on the second-lien debt. The '3' recovery rating indicates our expectation for meaningful (50%-70%; upper half of the range) recovery of principal in the event of a payment default. The '6' recovery rating indicates our expectation for negligible (0%-10%) recovery of principal in the event of a payment default. Our corporate credit rating...

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