...April 10, 2019 NEW YORK (S&P Global Ratings) April 10, 2019--S&P Global Ratings today affirmed its 'B+' issue-level rating and '2' recovery rating on UFC Holdings LLC's first-lien debt after the company announced plans to upsize its first-lien term loan due 2023 by $435 million to $1.877 billion outstanding and increase its revolving credit facility's capacity to $162.75 million from $150 million. The company will also seek to extend the revolver's maturity to 2022 from 2021 as part of the proposed transaction. The '2' recovery rating remains unchanged, indicating our expectation for substantial recovery (70%-90%; rounded estimate: 70%) of principal in the event of a payment default. UFC plans to use the proceeds from the incremental first-lien term loan to fully repay its $425 million second-lien term loan and pay associated transaction fees. We affirmed our issue-level rating on UFC's first-lien debt despite the increase in its first-lien debt balance because we raised our emergence valuation...
