...+ U.S.-based entertainment production services provider NEP/NCP Holdco (NEP) is refinancing its existing first- and second-lien term loans and revolving credit facility as part of its acquisition by minority owner, Carlyle Global Partners. + We are affirming our 'B' issuer credit rating on NEP. + We are also assigning our 'B+' issue-level rating and '2' recovery rating to the company's new first-lien term loan and revolving facility; and our '###+' and '6' recovery rating to the new second-lien term loan. + The stable outlook reflects our view that NEP will continue to grow organically through new contract wins in addition to making bolt-on debt-funded acquisitions across its business segments and geographic footprint. The outlook also reflects our expectation that discretionary cash flows will remain negative over the next 12 months due to elevated growth capital expenditures, and for deleveraging to occur mainly through EBITDA growth. NEW YORK (S&P Global Ratings) Sept. 27, 2018--S&P...
