EagleView Technology Corp. First-Lien Debt Rating Lowered To 'B' On Proposed Add-On; Recovery Rating Revised To '3'

NEW YORK (S&P Global Ratings) Sept. 8, 2017--S&P Global Ratings today lowered its issue-level rating on Bothell, Wash.-based oblique aerial imagery and 3D measurement software solutions provider EagleView Technology Corp.'s first-lien debt to 'B' from 'B+' and revised the recovery rating to '3' from '2'. The '3' recovery rating reflects our expectation for meaningful recovery (50%-70%; rounded estimate: 55%) in the event of payment default. EagleView plans to issue a $100 million first-lien term loan add-on, which we expect the company will use to repay its $100 million second-lien term loan. We also affirmed the 'CCC+' issue-level with a '6' recovery rating on the second-lien term loan, which we expect to withdraw when the transaction closes. The '6' recovery rating

...NEW YORK (S&P Global Ratings) Sept. 8, 2017--S&P Global Ratings today lowered its issue-level rating on Bothell, Wash.-based oblique aerial imagery and 3D measurement software solutions provider EagleView Technology Corp.'s first-lien debt to 'B' from 'B+' and revised the recovery rating to '3' from '2'. The '3' recovery rating reflects our expectation for meaningful recovery (50%-70%; rounded estimate: 55%) in the event of payment default. EagleView plans to issue a $100 million first-lien term loan add-on, which we expect the company will use to repay its $100 million second-lien term loan. We also affirmed the '###+' issue-level with a '6' recovery rating on the second-lien term loan, which we expect to withdraw when the transaction closes. The '6' recovery rating reflects our expectation for negligible recovery (0%-10%; rounded estimate: 0%). The proposed transaction does not affect our 'B' corporate credit rating on EagleView. We view this transaction as leverage neutral. The corporate...

Ratings Action