Optiv Inc.'s Proposed First- And Second-Lien Term Loans Rated 'B-' And 'CCC', Respectively - S&P Global Ratings’ Credit Research

Optiv Inc.'s Proposed First- And Second-Lien Term Loans Rated 'B-' And 'CCC', Respectively

Optiv Inc.'s Proposed First- And Second-Lien Term Loans Rated 'B-' And 'CCC', Respectively - S&P Global Ratings’ Credit Research
Optiv Inc.'s Proposed First- And Second-Lien Term Loans Rated 'B-' And 'CCC', Respectively
Published Apr 07, 2023
4 pages (1705 words) — Published Apr 07, 2023
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Abstract:

NEW YORK (S&P Global Ratings) April 7, 2023--S&P Global Ratings today assigned its 'B-' issue-level rating and '3' recovery rating to Optiv Inc.'s proposed $725 million first-lien term loan due in August 2026. Our '3' recovery rating reflects our expectation of meaningful (50%-70%; rounded estimate: 60%) recovery for lenders in the event of a default. We also assigned our 'CCC' issue-level rating and '6' recovery rating to the company's proposed $185 million second-lien term loan. Our '6' recovery rating reflects our expectation of negligible (0%-10%; rounded estimate: 0%) recovery for lenders in the event of a default. Optiv intends to use the proceeds from the new debt, combined with balance sheet cash and borrowings under its upsized $300 million ABL

  
Brief Excerpt:

...April 7, 2023 NEW YORK (S&P Global Ratings) April 7, 2023--S&P Global Ratings today assigned its 'B-' issue-level rating and '3' recovery rating to Optiv Inc.'s proposed $725 million first-lien term loan due in August 2026. Our '3' recovery rating reflects our expectation of meaningful (50%-70%; rounded estimate: 60%) recovery for lenders in the event of a default. We also assigned our '###' issue-level rating and '6' recovery rating to the company's proposed $185 million second-lien term loan. Our '6' recovery rating reflects our expectation of negligible (0%-10%; rounded estimate: 0%) recovery for lenders in the event of a default. Optiv intends to use the proceeds from the new debt, combined with balance sheet cash and borrowings under its upsized $300 million ABL revolver (unrated) to repay its existing first- and second-lien term loans, fund an acquisition, and pay fees and expenses related to the transactions. Our issuer credit rating on the company remains 'B-', and the outlook remains...

  
Report Type:

Ratings Action

Ticker
OPTV
Issuer
Optiv Inc.
GICS
IT Consulting & Other Services (45102010)
Sector
Global Issuers
Country
United States
Region
United States
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Optiv Inc.'s Proposed First- And Second-Lien Term Loans Rated 'B-' And 'CCC', Respectively" Apr 07, 2023. Alacra Store. May 18, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Optiv-Inc-s-Proposed-First-And-Second-Lien-Term-Loans-Rated-B-And-CCC-Respectively-2970403>
  
APA:
S&P Global Ratings’ Credit Research. (). Optiv Inc.'s Proposed First- And Second-Lien Term Loans Rated 'B-' And 'CCC', Respectively Apr 07, 2023. New York, NY: Alacra Store. Retrieved May 18, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Optiv-Inc-s-Proposed-First-And-Second-Lien-Term-Loans-Rated-B-And-CCC-Respectively-2970403>
  
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