Bulletin: NVA Holdings Inc.'s First-Lien Term Loan Add-On Does Not Affect Ratings

TORONTO (S&P Global Ratings) Sept. 25, 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 $115 million add-on to its senior secured first-lien term loan. The company will use proceeds to fund acquisitions under signed letters of intent, refinance revolver borrowings (if any), and fund cash to balance sheet for future acquisitions. Our rating on the first-lien debt remains 'B', with a '3' recovery rating. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 55%) recovery of principal in the event of a payment default. Our rating on the second-lien debt remains 'CCC+', with a '6' recovery rating. The '6' recovery rating

...TORONTO (S&P Global Ratings) Sept. 25, 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 $115 million add-on to its senior secured first-lien term loan. The company will use proceeds to fund acquisitions under signed letters of intent, refinance revolver borrowings (if any), and fund cash to balance sheet for future acquisitions. Our rating on the first-lien debt remains 'B', with a '3' recovery rating. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 55%) recovery of principal in the event of a payment default. Our rating on the second-lien debt remains '###+', with a '6' recovery rating. The '6' recovery rating indicates our expectation for negligible (0%-10%; rounded estimate: 0%) recovery of principal in the event of a payment default. Our corporate credit rating on NVA reflects the company's leading position but narrow operating focus in the...

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