...NEW YORK (Standard & Poor's) Aug. 5, 2015--Standard & Poor's Ratings Services said today that its ratings on NVA Holdings Inc., including its 'B' corporate credit rating, 'B' first-lien issue-level rating, and '###+' second-lien issue-level rating, are not affected by the company's issuance of a $75 million add-on term loan that includes a $25 million delayed-draw component. The company will use proceeds to fund acquisitions and bolster cash on the balance sheet. The recovery rating on the company's first-lien term loan is unchanged at '3' reflecting our expectation for meaningful (50% to 70%; at the lower end of the range) recovery in the event of payment default. The recovery rating on NVA's second-lien term loan is unchanged '6' reflecting our expectation for negligible (0% to 10%) recovery in the event of payment default. The ratings on NVA Holdings continue to reflect our belief that 2016 adjusted leverage will be around 7x, inclusive of the $75 million incremental addition to the...
