U.S.-based marketing services provider Red Ventures Holdco L.P. is issuing a proposed $2.2 billion senior secured first-lien credit facility (comprising a $2 billion term loan B and a $200 million revolving credit facility) and a $400 million senior secured second-lien term loan. The company will use the proceeds from the transaction primarily to fund its planned $1.4 billion acquisition of Bankrate Inc. and to refinance its existing capital structure. We expect the acquisition to close in the fourth quarter of 2017. We are assigning our 'B+' corporate credit rating to Red Ventures, our 'B+' issue-level and '3' recovery ratings to the company's proposed first-lien senior secured credit facility, and our 'B-' issue-level and '6' recovery ratings to the proposed senior
