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S&P: Toys 'R' Us loan BB-
Standard & Poor's said the rating on Toys 'R' Us Delaware Inc.'s $400 million tranche B-2 term loan due 2018, which the company is re-launching, remains at BB- with a 1 recovery rating.
The 1 recovery rating indicates 90% to 100% expected recovery in a default.
The issue rating is still on CreditWatch positive, along with the other ratings on the company.
The new tranche B-2 term loan ranks pari passu with the company's $700 million tranche B-1 term loan due 2016 and $350 million senior secured notes due 2016, S&P said, and benefits from the same collateral and guarantee package.
The proceeds will be used to repay Toys 'R' US Inc.'s $500 million unsecured notes due 2011, the agency said.
Toys 'R' Us Inc.'s ratings also remain on CreditWatch with positive implications following the company's S-1 filing, under which it plans to sell up to $800 million in common stock, S&P said.
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