NEW YORK (S&P Global Ratings) Feb. 13, 2025--S&P Global Ratings today assigned its 'B-' issue-level rating to LSCS Holdings Inc.?s proposed $108 million revolving credit facility and $950 million first-lien term loan. The recovery rating is '3', reflecting our expectation for meaningful (50%-70%; rounded estimate: 50%) recovery in the event of a default. The proposed refinancing also includes a new $170 million second-lien term loan (not rated) with payment-in-kind (PIK) interest. As part of this transaction, LSCS will benefit from lower cash interest expense and an extended maturity runway. Our existing ?B-? issuer credit rating and stable outlook are unaffected by the transaction and continue to reflect our expectation that the company?s financial-sponsor ownership and aggressive financial policy will keep
