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S&P rates Pike loans BB-, notes CCC+
S&P said it assigned a BB- rating with 1 recovery rating to Pike Corp.’s planned $336 million first-lien term loan and revolver. The agency also assigned a CCC+ with a 6 recovery rating to the company’s proposed $500 million of senior unsecured notes. The 1 recovery rating indicates S&P’s expectation for very high recovery (90%-100%; rounded estimate: 90%), and the 6 recovery rating indicates S&P’s expectation for negligible recovery (0%-10%; rounded estimate: 0%) in the event of a default.
Proceeds will be used to refinance Pike’s remaining term loan balance. The company plans to upsize the revolver to $203 million.
The outlook is stable.
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