...June 3, 2019 - U.S. online food ordering and delivery marketplace provider Grubhub Inc.'s wholly-owned subsidiary, Grubhub Holdings Inc., is issuing $400 million in senior unsecured notes due 2027 to refinance $340 million of existing debt and fund about $60 million of cash to the balance sheet. - We are assigning our '##' issuer credit rating to Grubhub and our '##' issue-level and '3' recovery rating to the company's senior unsecured notes. The '3' recovery rating reflects our expectation of meaningful (50%-70%; rounded estimate: 65%) recovery prospects in the event of a payment default. - The stable outlook reflects our expectation that Grubhub will maintain adjusted gross leverage in the 2x-3x range over the next 12 to 24 months as it executes on its growth initiatives and maintains its leadership position. NEW YORK (S&P Global Ratings) June 3, 2019--S&P Global Ratings today took the rating actions listed above. The rating on Grubhub reflects its high execution risk over the next few...
