S&P rates Alliant loan, notes B

S&P said it assigned B ratings to Alliant Holdings Intermediate LLC's planned debt tranches, including a $1.25 billion term loan B-5 due November 2027 and $1.25 billion of senior secured notes due April 2028. The agency also gave a 3 recovery rating to the issuances, indicating meaningful (50%-70%; rounded estimate: 50%) recovery in default.

As part of the transaction, the company is also planning to upsize its revolver to $550 million and extend the maturity to November 2027.

“All existing ratings, including the B issuer credit ratings on Alliant Holdings LP and Alliant Holdings Intermediate , are unchanged as a result of the new issuances,” S&P said in a press release.

Alliant will use the proceeds to refinance its $2.5 billion in term loans maturing in May 2025, which will push its next maturity back to 2027.

The outlook is stable.

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