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S&P assigns Sesac loan CCC+
Standard & Poor's said it affirmed its B corporate credit rating on Sesac Holdco II LLC.
The outlook is stable.
At the same time, the agency affirmed its B+ issue-level rating on the company's first-lien term loan due 2019. The 2 recovery rating remains unchanged, indicating an expectation for substantial recovery (70%-90%; high end of the range) of principal for the debtholders in the event of a payment default.
S&P also assigned its CCC+ issue-level and 6 recovery ratings to the company's proposed second-lien term loan due 2019. The 6 recovery rating indicates our expectation for negligible recovery (0%-10%) of principal for the debtholders in the event of a payment default.
S&P said the rating reflects its expectation that Sesac's leverage, which will likely decline organically toward 5 times over the next year due to modest EBITDA growth and free cash flow generation, could increase to more 6 times as a result of future debt-financed dividends.
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