S&P assigns B rating to Nesco notes

S&P said it assigned B ratings on Nesco Holding Inc.’s planned merger with Capitol Investment Corp. IV.

Capitol and Energy Capital Partners will invest $200 million of cash in the company. Nesco will use some of the money to pay down debt and refinance its capital structure.

The agency also assigned a B issue-level rating and a 4 recovery rating to the proposed $475 million senior secured second-lien notes due 2024.

The outlook is stable.

S&P expects Nesco to expand its rental equipment base and continue gaining market share, it said in a news release.

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