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S&P ups Vivid Seats, rates facility B+
S&P said it upgraded the issuer rating for Hoya Midco LLC (Vivid Seats Inc.) to B+ from B and assigned B+ ratings to its planned $275 million term loan tranche due 2029 and a $75 million revolving credit facility (unfunded) due 2027 under its credit agreement.
“The upgrade reflects our expectation that Vivid Seats will maintain leverage below 5x, even incorporating potential liabilities associated with the company's tax receivable agreement,” S&P said in a press release.
Vivid Seats plans to use the proceeds and $200 million in cash to retire its term loan and pay related transaction expenses.
The outlook is stable.
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