NEP/NCP Holdco Inc.'s Proposed $210 Million Incremental Term Loan Rated 'B' - S&P Global Ratings’ Credit Research

NEP/NCP Holdco Inc.'s Proposed $210 Million Incremental Term Loan Rated 'B'

NEP/NCP Holdco Inc.'s Proposed $210 Million Incremental Term Loan Rated 'B' - S&P Global Ratings’ Credit Research
NEP/NCP Holdco Inc.'s Proposed $210 Million Incremental Term Loan Rated 'B'
Published Nov 04, 2021
3 pages (1393 words) — Published Nov 04, 2021
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

NEW YORK (S&P Global Ratings) Nov. 4, 2021--S&P Global Ratings today assigned its 'B' rating to NEP/NCP Holdco Inc.'s proposed $210 million incremental term loan. We expect NEP to use the net proceeds to fund its acquisition of the Bright Group, pay down the outstanding balance on its revolving credit facility, and for general corporate purposes. We view the transaction to be largely leverage neutral while improving the company's liquidity availability. Our 'B-/Stable' issuer credit rating and outlook reflects our view that adjusted leverage will decline to the mid-6.0x area by the end of 2022 driven by the recovery of live events globally and the company's continued organic growth. Our simulated default scenario contemplates a default in 2023 due to

  
Brief Excerpt:

...November 4, 2021 NEW YORK (S&P Global Ratings) Nov. 4, 2021--S&P Global Ratings today assigned its 'B' rating to NEP/NCP Holdco Inc.'s proposed $210 million incremental term loan. We expect NEP to use the net proceeds to fund its acquisition of the Bright Group, pay down the outstanding balance on its revolving credit facility, and for general corporate purposes. We view the transaction to be largely leverage neutral while improving the company's liquidity availability. Our 'B-/Stable' issuer credit rating and outlook reflects our view that adjusted leverage will decline to the mid-6.0x area by the end of 2022 driven by the recovery of live events globally and the company's continued organic growth....

  
Report Type:

Ratings Action

Issuer
NEP/NCP Holdco Inc.
Sector
Global Issuers
Country
United States
Region
United States
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "NEP/NCP Holdco Inc.'s Proposed $210 Million Incremental Term Loan Rated 'B'" Nov 04, 2021. Alacra Store. May 21, 2025. <http://www.alacrastore.com/s-and-p-credit-research/NEP-NCP-Holdco-Inc-s-Proposed-210-Million-Incremental-Term-Loan-Rated-B-2750313>
  
APA:
S&P Global Ratings’ Credit Research. (). NEP/NCP Holdco Inc.'s Proposed $210 Million Incremental Term Loan Rated 'B' Nov 04, 2021. New York, NY: Alacra Store. Retrieved May 21, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/NEP-NCP-Holdco-Inc-s-Proposed-210-Million-Incremental-Term-Loan-Rated-B-2750313>
  
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