S&P gives B+ to Asurion loan

S&P said it assigned B+ issue-level and 3 recovery ratings to Asurion LLC's planned $1 billion term loan B-11 due 2028. The 3 rating indicates meaningful recovery (50%-70%; rounded estimate: 65%) in default.

All existing ratings, including the B+ issuer credit ratings on Asurion Group Inc., Asurion LLC and Lonestar Intermediate Super Holdings LLC are unchanged by the new debt issuance, the agency said.

“We view this transaction as leverage neutral because Asurion intends to use proceeds from the new issuance to partially refinance $953 million of its existing $2.1 billion B-7 term loan due November 2024,” S&P said in a statement.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.