U.S. mixed martial arts (MMA) promoter and producer UFC Holdings LLC plans to issue a $1.45 billion first-lien credit facility (consisting of a $150 million revolver due 2021 and a $1.3 billion term loan B due 2023) and $500 million in second-priority debt at a future date. The debt proceeds, along with $400 million in preferred equity that will be issued at a UFC intermediate parent company and that we view as a debt-like obligation, will be used to partly fund the $4 billion acquisition of the company and its Ultimate Fighting Championship (UFC) branded business operations by a consortium of investors led by U.S. sports, media, and entertainment company WME IMG. We are assigning our 'B' corporate credit rating
