S&P rates Deliver Buyer loan B

S&P said it assigned a B corporate credit rating to Deliver Buyer Inc.

The outlook is stable.

The agency also said it assigned a B rating and 3 recovery rating to the company's $240 million first-lien term loan B due 2024 and $25 million revolving credit facility.

The 3 recovery rating indicates 50% to 70% expected default recovery.

Affiliate company, MHS Holdings, is being acquired by private equity firm Thomas H. Lee, which will be finance with this newly issued debt and common equity.

The ratings reflect the company's small size, the narrow scope of its operations and the limited diversity of its end markets, customers, and product and service offerings, S&P said.

These factors are partly offset by the company's relatively good market position in its niche, its long-standing customer relationships, its relatively stable profitability and its positive industry growth fundamentals, the agency said.

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