NEW YORK (Standard&Poor's) Jan. 22, 2014--Standard&Poor's Ratings Services today said it assigned its 'BB+' senior secured debt rating on Clipper Acquisitions Corp.'s (Clipper) proposed senior secured credit facility, consisting of a $351 million term loan maturing in February 2020 and a $50 million revolver maturing in February 2018. Our long-term issuer credit rating on Clipper remains 'BB+'. The outlook is stable. Clipper intends to use the proceeds of the term loan to repay the outstanding $351.4 million borrowings on the existing term loan, which it entered into in February 2013. We expect the $50 million revolver to remain undrawn. The company would realize immaterial--approximately $3.5 million--annual interest savings under the proposed new pricing. While total debt
