S&P assigns BB- to NMI loan

S&P said it assigned its BB- debt rating to NMI Holdings Inc.'s $150 million senior secured term loan facility maturing in 2023.

The company expects to use the proceeds to replace its existing $150 million term loan credit facility maturing on Nov. 10, 2019.

The ratings and the positive outlook on NMI and subsidiary National Mortgage Insurance Corp. are unaffected by the transaction, the agency said.

“We do not expect any significant change in the financial leverage, but due to lower borrowing costs we expect fixed-charge coverage to improve and be in the 7x-8x range in the next two years,” S&P said in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.