...NEW YORK (S&P Global Ratings) Oct. 20, 2017--S&P Global Ratings today assigned its '##-' issue-level rating and '2' recovery rating to U.S.-based media delivery, payment solution, and marketing services provider Harland Clarke Holdings Corp.'s (HCHC) proposed $1.68 billion senior secured term loan due 2023. The '2' recovery rating indicates our expectation for substantial recovery (70%-90%; rounded estimate: 70%) of principal in the event of a payment default. HCHC is also planning to issue a $500 million add-on to its senior secured notes due 2022. Our '##-' issue-level and '2' recovery ratings on the company's existing senior secured notes due 2022 are unaffected. The '2' recovery rating indicates our expectation for substantial recovery (70%-90%; rounded estimate: 70%) of principal in the event of a payment default. The company will use the proceeds from the new issuance and add-on to redeem its existing B-5 term loan due 2021 ($705 million outstanding as of June 2017), B-6 term loan...
