CBOE Holdings Inc.'s $300 Million Senior Unsecured Notes Rated 'BBB+'

NEW YORK (S&P Global Ratings) June 26, 2017--S&P Global Ratings today said it assigned its 'BBB+' issue rating on CBOE Holdings Inc.'s proposed $300 million senior unsecured notes due in 2019. The long-term issuer credit rating on CBOE Holdings is 'BBB+' with a stable outlook. CBOE is planning to use the proceeds from the proposed notes issuance to partially repay its outstanding term loan facility. Therefore, we view this transaction as leverage neutral. As of March 31, 2017, the company's long-term debt included $0.84 billion outstanding under its term loan facility and $0.64 billion of senior notes due 2017. We expect that robust cash flow generation will enable CBOE to quickly deleverage, bringing funds from operations to debt closer to

...NEW YORK (S&P Global Ratings) June 26, 2017--S&P Global Ratings today said it assigned its '###+' issue rating on CBOE Holdings Inc.'s proposed $300 million senior unsecured notes due in 2019. The long-term issuer credit rating on CBOE Holdings is '###+' with a stable outlook. CBOE is planning to use the proceeds from the proposed notes issuance to partially repay its outstanding term loan facility. Therefore, we view this transaction as leverage neutral. As of March 31, 2017, the company's long-term debt included $0.84 billion outstanding under its term loan facility and $0.64 billion of senior notes due 2017. We expect that robust cash flow generation will enable CBOE to quickly deleverage, bringing funds from operations to debt closer to 35% in the next two years. Our ratings on CBOE also reflect the company's very strong market position in two flagship products: the VIX (options and futures; the VIX is a CBOE proprietary index) and SPX (options on the S&P500 index, for which CBOE has...

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