S&P rates BEP, loans B

S&P said it assigned B ratings to BEP Intermediate Holdco LLC and its planned $120 million revolver and $550 million first-lien term loan. The recovery rating on the loans is 3. The outlook is stable.

“Our rating on BEP reflects its somewhat elevated pro forma S&P Global Ratings-adjusted debt to EBITDA of about 7.6x (including preferred shares) for the 12 months ended February 2024.The company's proposed debt financing will increase its funded debt by about $100 million. Concurrently, BEP will receive a new $425 million redeemable preferred equity investment from General Atlantic,” the agency said in a press release.

BEP is raising new senior secured credit facilities to refinance its debt, fund a distribution and redeem its minority preferred equity interests.

S&P said it expects BEP's S&P Global Ratings-adjusted leverage will improve to about 6.6x, or about 4.4x on a reported basis excluding the preferred shares, by the end of 2024.

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