Research Update: CPV Shore Holdings LLC?s Senior Secured Term Loans Assigned Preliminary ?B+? Rating (Recovery Rating: ?2?)

CPV Shore Holdings LLC (CPV Shore) will issue a $325 million seven-year senior secured term loan B (TLB) that matures in 2032, a $61 million seven-year senior secured term loan C (TLC) that matures in 2032, and a $50 million five-year senior secured revolver (revolver) that matures in 2030. CPV Shore will use the TLB proceeds to repay existing debt of about $361 million, with an additional $36 million cash contribution from sponsors. The project will replace the existing $95 million revolver with the new $61 million TLC and $50 million revolver. The sponsors will also pay transaction costs and fund a $32 million operating reserve with a cash contribution. S&P Global Ratings assigned its preliminary 'B+' rating to CPV

...- CPV Shore Holdings LLC (CPV Shore) will issue a $325 million seven-year senior secured term loan B (TLB) that matures in 2032, a $61 million seven-year senior secured term loan C (TLC) that matures in 2032, and a $50 million five-year senior secured revolver (revolver) that matures in 2030. - CPV Shore will use the TLB proceeds to repay existing debt of about $361 million, with an additional $36 million cash contribution from sponsors. The project will replace the existing $95 million revolver with the new $61 million TLC and $50 million revolver. The sponsors will also pay transaction costs and fund a $32 million operating reserve with a cash contribution. - S&P Global Ratings assigned its preliminary 'B+' rating to CPV Shore's proposed TLB and TLC. The recovery rating of '2' indicates our expectation for substantial (70%-90%; rounded estimate: 80%) recovery in a default scenario. - The stable outlook reflects our expectation that CPV Shore will sustain a minimum S&P Global Ratings-adjusted...

Research Update