CEC Entertainment LLC's New $175 Million Second-Lien Exit Term Loan Due 2027 Rated 'CCC' (Recovery Rating: '4') - S&P Global Ratings’ Credit Research

CEC Entertainment LLC's New $175 Million Second-Lien Exit Term Loan Due 2027 Rated 'CCC' (Recovery Rating: '4')

CEC Entertainment LLC's New $175 Million Second-Lien Exit Term Loan Due 2027 Rated 'CCC' (Recovery Rating: '4') - S&P Global Ratings’ Credit Research
CEC Entertainment LLC's New $175 Million Second-Lien Exit Term Loan Due 2027 Rated 'CCC' (Recovery Rating: '4')
Published Jan 13, 2021
3 pages (1384 words) — Published Jan 13, 2021
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

NEW YORK (S&P Global Ratings) Jan. 13, 2021--S&P Global Ratings today assigned its 'CCC' issue-level rating and '4' recovery rating to CEC Entertainment LLC's new $175 million second-lien exit term loan due 2027. The '4' recovery rating indicates our expectation for average (30%-50%; rounded estimate: 30%) recovery in the event of a default. Our 'CCC' issuer credit rating and negative outlook on CEC are unchanged. For the latest issuer credit rating rationale, please see our most recent research update on CEC, published Jan. 11, 2021, on RatingsDirect. ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors CEC's capital structure comprises a $200 million first-lien first-out exit facility due 2025 and a second-lien $175 million term loan due 2027. We simulate a default occurring

  
Brief Excerpt:

...- --Recovery expectations: 90%-100% (rounded estimate: 95%) - Second-lien exit term loan claims: $192 million* - --Recovery expectations: 30%-50% (rounded estimate: 30%) *Includes six months of prepetition interest....

  
Report Type:

Ratings Action

Ticker
CEC
Issuer
CEC Entertainment LLC
Sector
Global Issuers
Country
United States
Region
United States
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "CEC Entertainment LLC's New $175 Million Second-Lien Exit Term Loan Due 2027 Rated 'CCC' (Recovery Rating: '4')" Jan 13, 2021. Alacra Store. May 15, 2025. <http://www.alacrastore.com/s-and-p-credit-research/CEC-Entertainment-LLC-s-New-175-Million-Second-Lien-Exit-Term-Loan-Due-2027-Rated-CCC-Recovery-Rating-4-2579081>
  
APA:
S&P Global Ratings’ Credit Research. (). CEC Entertainment LLC's New $175 Million Second-Lien Exit Term Loan Due 2027 Rated 'CCC' (Recovery Rating: '4') Jan 13, 2021. New York, NY: Alacra Store. Retrieved May 15, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/CEC-Entertainment-LLC-s-New-175-Million-Second-Lien-Exit-Term-Loan-Due-2027-Rated-CCC-Recovery-Rating-4-2579081>
  
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