On Dec. 17, 2013, entertainment production equipment and services provider NEP/NCP Holdco Inc. (NEP) announced a definitive agreement to purchase GTV Holdings Pty Ltd (Global TV) for $152 million. The company will finance the acquisition with a $155 million incremental first-lien term loan add-on. We are affirming our 'B' corporate credit rating reflecting the company's continued high leverage. The stable outlook reflects our expectation that the company will continue to generate 2% to 3% organic revenue growth, with at least a 10% EBITDA cushion to the covenant compliance ratio, and leverage between 4.5x and 6x. On Jan. 6, 2014, Standard&Poor's Ratings Services affirmed its 'B' corporate credit rating on Pittsburgh-based entertainment production equipment and services provider NEP/NCP Holdco
