...January 25, 2021 NEW YORK (S&P Global Ratings) Jan. 25, 2021--S&P Global Ratings today assigned its 'B+' debt rating to NEWAsurion Corp. and subsidiaries' proposed $1.25 billion term loan B-9 due 2027. We assigned a '3' recovery rating, indicating our expectation of meaningful recovery (60%) in the event of payment default. We also assigned our 'B' debt rating to the company's new $1.89 billion second-lien term loan B-3 due 2028. The recovery rating is '5', indicating our expectation for modest recovery (10%) in the event of a payment default. We rate the company's existing revolver and first-lien term loans 'B+', with a recovery rating of '3' (60%). Similar to the refinance done in December, we expect NEWAsurion to use the proceeds to refinance its second-lien term loan B-2 as well as pay related fees and expenses. Given favorable market conditions, the company will also likely benefit from lower pricing. We expect this transaction to be leverage neutral and pro forma financial leverage...
