NEW YORK (S&P Global Ratings) June 10, 2019--S&P Global Ratings said today that it assigned a 'B' issue-level rating and '3' recovery rating to Radiate Holdco LLC's planned $300 million incremental term loan B due 2024. While this will result in modestly higher secured claims under a simulated default, our existing issue-level rating on the secured debt remains 'B' because we continue to expect secured lenders to receive between 50% and 70% recovery in the event of a default, consistent with a '3' recovery rating. The company plans to use proceeds for a dividend to shareholders. We believe this debt-financed dividend is somewhat negative for the company's credit metrics but is consistent with the financial policy employed by private-equity firm
