NorthStar Group Services Inc.'s Proposed $710 Million Term Loan Rated 'B+' (Recovery Rating: '2')

NEW YORK (S&P Global Ratings) Nov. 8, 2023--S&P Global Ratings today said that it assigned its 'B+' issue rating to nuclear decommissioning and commercial building deconstruction services provider NorthStar Group Services Inc.'s proposed $710 million senior secured first-lien term loan due 2028. The recovery rating is '2', reflecting our expectation of above average recovery prospects (70%-90%; rounded estimate: 75%). We will not rate the proposed $125 million asset-based lending (ABL) facility due 2027. There is no change to our 'B' issuer credit rating. We expect the company will use proceeds to refinance its existing credit facilities and pay for transaction fees and expenses. NorthStar continues to perform in line with our expectations as contributions from the environmental and nuclear services

...November 8, 2023 NEW YORK (S&P Global Ratings) Nov. 8, 2023--S&P Global Ratings today said that it assigned its 'B+' issue rating to nuclear decommissioning and commercial building deconstruction services provider NorthStar Group Services Inc.'s proposed $710 million senior secured first-lien term loan due 2028. The recovery rating is '2', reflecting our expectation of above average recovery prospects (70%-90%; rounded estimate: 75%). We will not rate the proposed $125 million asset-based lending (ABL) facility due 2027. There is no change to our 'B' issuer credit rating. We expect the company will use proceeds to refinance its existing credit facilities and pay for transaction fees and expenses. NorthStar continues to perform in line with our expectations as contributions from the environmental and nuclear services units partially offset the contraction from the roll-off of large industrial D&D and other projects. The company continues to make progress on integrating the Trans Ash acquisition...

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