...February 6, 2025 ENGLEWOOD (S&P Global Ratings) Feb. 6, 2025--S&P Global Ratings today assigned its 'B-' issue-level rating and '3' recovery rating to DTI Holdco Inc.'s (doing business as Epiq) $1.29 billion senior secured term loan. The '3' recovery rating reflects our expectation for meaningful recovery (50%-70%; rounded estimate: 50%) in the event of a payment default. Our 'B-' issuer credit rating and stable outlook on Epiq are unchanged. The issuance will reprice the company's existing term loan by exchanging the company's outstanding $1.24 billion term loan due in 2029 for like amounts and a $50 million fungible add- on, which we expect the company will use to add cash to its balance sheet. Based on the company's preliminary 2024 financials and pro forma for the transaction, we expect the company's S&P Global Ratings-adjusted leverage to be about 5.7x at year end. This is a steep decline from 7.9x in 2023 and below our 6x upside threshold for the rating. Still, we expect leverage...
