This report does not constitute a rating action. NEW YORK (S&P Global Ratings) Nov. 15, 2024--S&P Global Ratings today said that the incremental financing proposed by Nexus Buyer LLC (IntraFi; B/Stable/--) will keep metrics within our expectations for the ?B? rating. IntraFi plans to raise $200 million in a fungible add on to its $2.067 billion first-lien term loan and use the proceeds, along with cash from its balance sheet, to fund a dividend to its financial-sponsor owners. Our ?B? issuer credit rating on IntraFi factors in our expectation that IntraFi will periodically take debt-financed dividends. Pro forma for the transaction, our year-end 2024 forecasted leverage increases to 5.5x from 5.1x, well below our 7.5x downgrade threshold for the rating.
