...TORONTO (S&P Global Ratings) March 12, 2018--S&P Global Ratings today assigned its '###+' issue-level rating and '6' recovery rating to NVA Holdings Inc.'s proposed $500 million senior unsecured notes. The company will use the proposed notes to refinance the $400 million second-lien term loan and pay down the outstanding revolver balance of $90 million. The company is also upsizing its revolver to $140 million from $94.5 million. Our '###+' issue-level rating and '6' recovery rating on the unsecured notes indicates our expectations for negligible (0%-10%; rounded estimate: 0%) recovery in the event of payment default. Our rating on the first-lien debt remains 'B', with a '3' recovery rating. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 55%) recovery of principal in the event of a payment default. Our corporate credit rating on NVA remains 'B' with a stable outlook, reflecting the company's leading position but narrow operating focus in the...
