...September 25, 2023 NEW YORK (S&P Global Ratings) Sept. 25, 2023--S&P Global Ratings today assigned its 'B-' issue-level rating and '3' recovery rating to Spring Education Group Inc.'s proposed $850 million senior secured first-lien term loan due in 2030 and $100 million revolving credit facility due 2028. The company plans to use the proceeds to repay its first-lien term loan due in 2025 ($611 million outstanding), second-lien term loan due in 2026 ($225 million outstanding), and cover transaction fees and expenses. Additionally, the new revolver reflects an upsized commitment to $100 million and an extended maturity to 2028(undrawn). Although the change in capital structure will result in a higher amount of first-lien debt and somewhat lower recovery prospects for first-lien debt holders, our recovery and issue-level ratings on the company's first-lien debt remains unchanged due to a revised company valuation at emergence to reflect recent acquisitions. Our 'B-' issuer credit rating and...
