S&P rates Magnite loan BB-

S&P said it assigned its BB- issue-level rating to Magnite Inc.'s planned $540 million first-lien credit facility, comprising a $365 million term loan B due in 2031 and a $175 million revolving credit facility due in 2029.

The ratings are in line with those on Magnite’s outstanding loans.

Magnite is expected to use the proceeds to refinance its first-lien term loan and revolving facility. “We view the transaction as leverage neutral and improving the company's liquidity by further extending its secured debt maturities,” the agency said in a statement.

The outlook is stable.

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