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S&P applies BB- to SeaWorld loans
S&P said it assigned its BB- issue-level ratings and 2recovery rating to SeaWorld Parks & Entertainment Inc.'s proposed $400 million term loan B-4 due 2022 and $400 million term loan B-5 due 2024.
The company intends to use the proceeds to refinance a portion of its existing term loan.
The 2 recovery rating on this debt reflects an expectation for substantial (75%) recovery for lenders in the event of a payment default.
Currently, the company has the majority of its debt, $1.6 billion of term loans, maturing in 2020. This refinancing will significantly reduce the company's refinancing risk that comes with such a large maturity wall, as it more effectively staggers the maturities, S&P explained.
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