S&P rates Centerfield Media, facility B

S&P said it gave B ratings to Centerfield Media Parent Inc. and its planned senior secured credit facility, comprised of a $50 million revolver, $400 million term loan B, and a $100 million delayed-draw term loan. The recovery rating is 3.

“The company has a record of organic growth by acquiring customers for its clients at a higher return on investment than its client's internal sales team. And this success has resulted in new client growth and expanding share within existing clients,” the agency said in a press release.

The company will use the proceeds to refinance $340 million of debt and fund $50 million of cash to its balance sheet.

S&P assigned a stable outlook. “The stable outlook reflects our expectation that the company will grow revenue and EBITDA organically over the next 12 months and maintain adjusted leverage in the mid-5x area and FOCF to debt of 8%-10% through 2021,” the agency said.

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