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S&P gives Prairie Acquiror loan B
S&P said it assigned B issue-level and 5 recovery ratings to Prairie Acquiror LP's planned extended term loan. The 5 recovery rating indicates modest (10%-30%; rounded estimate: 10%) recovery in default.
The ratings are the same as those on the issuer’s outstanding term loan.
The company intends to extend a portion of its term loan until 2029 and plans to incur additional senior secured debt to repay the remainder of the term loan that it is not extending.
The outlook is negative.
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