PowerTeam Services LLC Outlook Revised To Stable From Negative On Acquisition Of MVerge - S&P Global Ratings’ Credit Research

PowerTeam Services LLC Outlook Revised To Stable From Negative On Acquisition Of MVerge

PowerTeam Services LLC Outlook Revised To Stable From Negative On Acquisition Of MVerge - S&P Global Ratings’ Credit Research
PowerTeam Services LLC Outlook Revised To Stable From Negative On Acquisition Of MVerge
Published May 07, 2020
3 pages (1685 words) — Published May 07, 2020
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About This Report

  
Abstract:

Gas and electric utility service provider PowerTeam Services LLC recently acquired natural gas distribution and transmission pipeline contractors Miller Pipeline and Minnesota Limited (collectively known as MVerge) from CenterPoint Energy Inc. S&P Global Ratings revised its outlook to stable from negative and affirmed its 'B-' issuer credit rating on PowerTeam. At the same time, we assigned a 'B-' rating to the company's $575 million senior secured notes. We also affirmed our 'B-' rating on the company's $260 million revolving credit facility and $595 million first-lien term loan. We revised the recovery rating to '3' from '4', indicating our expectation for meaningful recovery (50%-70%; rounded estimate: 50%) in the event of a default. In addition, we affirmed our 'CCC' rating on

  
Brief Excerpt:

...May 7, 2020 - Gas and electric utility service provider PowerTeam Services LLC recently acquired natural gas distribution and transmission pipeline contractors Miller Pipeline and Minnesota Limited (collectively known as MVerge) from CenterPoint Energy Inc. - S&P Global Ratings revised its outlook to stable from negative and affirmed its 'B-' issuer credit rating on PowerTeam. - At the same time, we assigned a 'B-' rating to the company's $575 million senior secured notes. We also affirmed our 'B-' rating on the company's $260 million revolving credit facility and $595 million first-lien term loan. We revised the recovery rating to '3' from '4', indicating our expectation for meaningful recovery (50%-70%; rounded estimate: 50%) in the event of a default. In addition, we affirmed our '###' rating on the company's $135 million second-lien term loan. - The stable outlook reflects the significant improvement in credit metrics pro forma for the acquisition and our expectation that demand for...

  
Report Type:

Ratings Action

Issuer
Artera Services 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. "PowerTeam Services LLC Outlook Revised To Stable From Negative On Acquisition Of MVerge" May 07, 2020. Alacra Store. May 02, 2024. <http://www.alacrastore.com/s-and-p-credit-research/PowerTeam-Services-LLC-Outlook-Revised-To-Stable-From-Negative-On-Acquisition-Of-MVerge-2426265>
  
APA:
S&P Global Ratings’ Credit Research. (). PowerTeam Services LLC Outlook Revised To Stable From Negative On Acquisition Of MVerge May 07, 2020. New York, NY: Alacra Store. Retrieved May 02, 2024 from <http://www.alacrastore.com/s-and-p-credit-research/PowerTeam-Services-LLC-Outlook-Revised-To-Stable-From-Negative-On-Acquisition-Of-MVerge-2426265>
  
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