Inmar Inc.'s Proposed Revolver, Term Loan Rated 'B-' (Recovery Rating: '3')

ENGLEWOOD (S&P Global Ratings) Oct. 16, 2024--S&P Global Ratings today assigned its 'B-' issue-level rating to Inmar Inc.'s proposed $150 million revolving credit facility and $1.07 billion first-lien term loan. The recovery rating is '3', reflecting our expectation for meaningful (50%-70%; rounded estimate: 60%) recovery in the event of default. The transaction will refinance the company's existing $100 million revolver ($54 million outstanding) and $985 million outstanding term loan. As a part of the transaction, we expect Inmar will benefit from lower cash interest payments and an extended maturity runway (2029 on the revolver and 2031 on the term loan). We expect the new revolving credit facility to be undrawn at close. Our 'B-' issuer credit rating and stable outlook

...October 16, 2024 ENGLEWOOD (S&P Global Ratings) Oct. 16, 2024--S&P Global Ratings today assigned its 'B-' issue-level rating to Inmar Inc.'s proposed $150 million revolving credit facility and $1.07 billion first-lien term loan. The recovery rating is '3', reflecting our expectation for meaningful (50%-70%; rounded estimate: 60%) recovery in the event of default. The transaction will refinance the company's existing $100 million revolver ($54 million outstanding) and $985 million outstanding term loan. As a part of the transaction, we expect Inmar will benefit from lower cash interest payments and an extended maturity runway (2029 on the revolver and 2031 on the term loan). We expect the new revolving credit facility to be undrawn at close. Our 'B-' issuer credit rating and stable outlook on Inmar are unchanged. They continue to reflect the company operating in a competitive and fragmented market with high leverage above 8x, partially offset by its recurring revenue base. ISSUE RATINGS--RECOVERY...

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