S&P applies B- to Sundial facilities

S&P said it affirmed the B- corporate credit rating on Sundial Group LLC.

The outlook is stable.

At the same time, the agency assigned a B- issue-level rating to the company's new $280 million senior secured term loan B due 2024 and $35 million senior secured revolver due 2022. The recovery rating is 3, indicating the belief that lenders could expect meaningful (50% to 70%, rounded estimate: 50%) recovery in the event of payment default.

S&P will withdraw the ratings on the existing $150 million senior secured term loan B due 2021 and $25 million senior secured revolver due 2019 once the transaction has been completed and the facilities have been repaid.

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