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S&P assigns B to OverDrive loans
S&P said it assigned B issue-level and 3 recovery ratings to Aragorn Parent Corp.'s (doing business as OverDrive) planned $670 million first-lien term loan facility, which comprises a $600 million term loan B and a $70 million revolving credit facility. The 3 recovery rating indicates meaningful (50%-70%; rounded estimate: 60%) recovery in default.
The ratings are the same as S&P’s ratings on OverDrive’s $1.04 billion first-lien term loan due 2025.
The company intends to use the proceeds to refinance its debt.
The outlook is stable.
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