Herschend Entertainment Co. LLC Assigned 'B' Rating; Outlook Negative; Debt Rated - S&P Global Ratings’ Credit Research

Herschend Entertainment Co. LLC Assigned 'B' Rating; Outlook Negative; Debt Rated

Herschend Entertainment Co. LLC Assigned 'B' Rating; Outlook Negative; Debt Rated - S&P Global Ratings’ Credit Research
Herschend Entertainment Co. LLC Assigned 'B' Rating; Outlook Negative; Debt Rated
Published Aug 10, 2020
4 pages (2111 words) — Published Aug 10, 2020
Price US$ 150.00  |  Buy this Report Now

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Abstract:

Themed entertainment owner and operator Herschend Entertainment Co. LLC (along with co-borrowers Herschend Adventure Holdings LLC and Harlem Globetrotters International Inc.) plans to issue a $465 million senior secured term loan B due 2026 to refinance existing loans and repay existing outstanding balances under its revolving credit facilities, and to place additional cash on the balance sheet to bolster liquidity amid the pandemic and recession. We are assigning our 'B' issuer credit rating to Herschend Entertainment. The outlook is negative. We are assigning our 'B' issue level rating and '3'. recovery rating to the proposed senior secured term loan. The negative outlook reflects the possibility we could lower the rating if Herschend's recovery is slower than expected, causing the company's

  
Brief Excerpt:

...August 10, 2020 - Themed entertainment owner and operator Herschend Entertainment Co. LLC (along with co-borrowers Herschend Adventure Holdings LLC and Harlem Globetrotters International Inc.) plans to issue a $465 million senior secured term loan B due 2026 to refinance existing loans and repay existing outstanding balances under its revolving credit facilities, and to place additional cash on the balance sheet to bolster liquidity amid the pandemic and recession. - We are assigning our 'B' issuer credit rating to Herschend Entertainment. The outlook is negative. - We are assigning our 'B' issue level rating and '3'. recovery rating to the proposed senior secured term loan. - The negative outlook reflects the possibility we could lower the rating if Herschend's recovery is slower than expected, causing the company's revenue, EBITDA, and cash flow to underperform our base case in a manner that causes leverage to be sustained above 6x. NEW YORK (S&P Global Ratings) Aug. 10, 2020-- S&P Global...

  
Report Type:

Ratings Action

Ticker
1163197D
Issuer
Herschend Entertainment Company LLC
Sector
Global Issuers
Country
United States
Region
United States
Format:
PDF Adobe Acrobat
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Herschend Entertainment Co. LLC Assigned 'B' Rating; Outlook Negative; Debt Rated" Aug 10, 2020. Alacra Store. May 22, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Herschend-Entertainment-Co-LLC-Assigned-B-Rating-Outlook-Negative-Debt-Rated-2493434>
  
APA:
S&P Global Ratings’ Credit Research. (). Herschend Entertainment Co. LLC Assigned 'B' Rating; Outlook Negative; Debt Rated Aug 10, 2020. New York, NY: Alacra Store. Retrieved May 22, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Herschend-Entertainment-Co-LLC-Assigned-B-Rating-Outlook-Negative-Debt-Rated-2493434>
  
US$ 150.00
$  £  €
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