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S&P rates Compass Group notes B+
S&P said it gave B+ issue and 4 recovery ratings to Compass Group Diversified Holdings LLC's announced $750 million of senior unsecured notes due in 2029. The 4 rating indicates an average recovery (30%-50%) in default.
Proceeds are expected to be used to repay debt, including its $600 million 8% senior unsecured notes due in 2026 and a portion of the outstanding revolving credit facility.
“We expect the company to use any upsize of the proposed senior unsecured notes to further reduce the balance on the revolver,” S&P said in a press release.
Compass’ issuer rating remains B+, and the outlook is stable. The revolver’s BB issue and 1 recovery ratings are unchanged. The 1 rating indicates a very high recovery (90%-100%) in default.
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