...December 10, 2020 NEW YORK (S&P Global Ratings) Dec. 10, 2020--S&P Global Ratings today assigned its 'B+' debt rating to NEWAsurion Corp. and subsidiaries' proposed $2.087 billion term loan B-8 due 2026. We also assigned a '3' recovery rating, indicating our expectation of meaningful recovery (65%) in the event of payment default. The company also intends to, as part of this transaction, upsize its existing revolver to $250 million and extend the maturity to July 2024. We rate the revolver and existing first-lien term loans 'B+', with a recovery rating of '3' (65%). Additionally, we rate the company's second-lien term loan 'B' with a recovery rating of '5', which indicates our expectation for modest recovery (10%) in the event of a default. We expect the new financing to have identical terms to the company's existing first-lien term loans and for NEWAsurion to use the proceeds to refinance its maturing term loan B-4 as well as pay related fees and expenses. We expect this transaction to...
