S&P rates IPS loans B-, CCC

S&P said it assigned its B- issuer credit rating to IPS Corp. and concurrently assigned B- ratings to the first-lien term loan and delayed-draw term loan and a CCC rating to the second-lien term loan, issued by co-borrowers CP Iris Holdco I and CP Iris Holdco II.

The outlook is stable.

As part of its acquisition by Centerbridge Partners, IPS intends to issue a $525 million first-lien term loan, a $105 million delayed-draw term loan (undrawn at close), both due 2028, and a $210 million second-lien term loan due 2029. The company will also issue a $90 million revolving credit facility (undrawn at close) due 2026.

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