S&P rates Chamberlain add-on B

S&P said it assigned a B issue-level rating to Chamberlain Group LLC's (Chariot Buyer LLC) $625 million incremental first-lien term loan B due in 2028. The 3 recovery rating indicates meaningful (50%-70%; rounded estimate: 50%) recovery in default.

Chamberlain is concurrently extending the maturity of its revolving credit facility to 2029 from 2026. The revolver will include a springing maturity 91 days ahead of the 2028 maturity of the first-lien term loan B, in the event there is at least $200 million outstanding on the term loan.

The company will use the proceeds from the term loan to repay its outstanding $600 million second-lien term loan due in 2029 and pay transaction-related fees and expenses.

The outlook remains stable.

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