Nexus Buyer LLC?s Repriced And Upsized Term Loan Rated ?B? (Recovery Rating: '3') - S&P Global Ratings’ Credit Research

Nexus Buyer LLC?s Repriced And Upsized Term Loan Rated ?B? (Recovery Rating: '3')

Nexus Buyer LLC?s Repriced And Upsized Term Loan Rated ?B? (Recovery Rating: '3') - S&P Global Ratings’ Credit Research
Nexus Buyer LLC?s Repriced And Upsized Term Loan Rated ?B? (Recovery Rating: '3')
Published Jan 27, 2025
4 pages (1589 words) — Published Jan 27, 2025
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

Princeton (S&P Global Ratings) Jan. 27, 2025--S&P Global Ratings today assigned its ?B? issue-level rating and ?3? recovery rating to Nexus Buyer LLC ?s (doing business as IntraFi) $2.561 billion first-lien senior secured term loan. The ?3? recovery rating indicates our expectation for meaningful recovery (50%-70%; rounded estimate: 50%) in the event of a payment default. Our ?B? issuer credit rating and stable outlook on IntraFi are unchanged. This issuance repriced the company?s existing first-lien term loan, implemented via an exchange of the company?s existing $2.467 billion first-lien term loan ($2.461 billion outstanding) for like amounts of a new $2.461 billion first-lien term loan and a $100 million fungible add-on intended to help fund a shareholder distribution. Based on preliminary

  
Brief Excerpt:

...The company's debt capitalization consists of a $100 million revolving credit facility (undrawn as of Dec. 31, 2024) due in July 2029, a $2.561 billion first-lien term loan due in July 2031, and a $540 million second-lien term loan due in November 2029....

  
Report Type:

Ratings Action

Issuer
Nexus Buyer LLC
Sector
Global Issuers
Country
United States
Region
United States
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Nexus Buyer LLC?s Repriced And Upsized Term Loan Rated ?B? (Recovery Rating: '3')" Jan 27, 2025. Alacra Store. May 03, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Nexus-Buyer-LLC-s-Repriced-And-Upsized-Term-Loan-Rated-B-Recovery-Rating-3-3314129>
  
APA:
S&P Global Ratings’ Credit Research. (). Nexus Buyer LLC?s Repriced And Upsized Term Loan Rated ?B? (Recovery Rating: '3') Jan 27, 2025. New York, NY: Alacra Store. Retrieved May 03, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Nexus-Buyer-LLC-s-Repriced-And-Upsized-Term-Loan-Rated-B-Recovery-Rating-3-3314129>
  
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