S&P assigns ImageFirst add-on B

S&P said it assigned B issue-level and 3 recovery ratings to ImageFirst Holdings LLC's proposed $100 million non-fungible incremental first-lien term due 2028. The recovery rating indicates meaningful (50%-70%, rounded estimate: 55%) recovery in default.

“We view the transaction as mostly leverage neutral because we understand the company will use proceeds to finance acquisitions that will improve EBITDA slowly and repay revolver borrowings. We forecast leverage in the 5x area and FOCF to debt in the low-single-digit percent area,” S&P said in a press release.

ImageFirst’s B issuer and B issue ratings are unchanged, and the outlook remains stable, the agency said.

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