Fitch rates NEP loans BB+/RR1, B-/RR6

Fitch Ratings said it assigned a long-term issuer default rating of B+ to NEP Group, Inc. and its subsidiaries, NEP/NCP Holdco, Inc. and NEP Europe Finco BV.

The agency also assigned a BB+/RR1 to the first-lien credit facilities and a B-/RR6 to the second-lien facility.

The outlook is stable.

Fitch said the actions are driven by NEP upsizing its U.S. term loan B with a $140 million add-on.

Proceeds were used to term out existing outstanding amounts under the $141.3 million first-lien revolver, replenishing the company's liquidity primarily to fund $153 million in acquisitions expected to close during the second quarter of 2018.

“The ratings reflect the company's leading market position as a global outsourced provider for broadcasts and live events and high proportion of contracted revenues which provide significant cash flow visibility,” the agency said in a news release.

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