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S&P rates MIC Glen B-
S&P said it gave B- ratings to MIC Glen LLC and its planned first-lien facilities and a CCC issue-level rating its proposed second-lien term loan facility. The first-lien recovery rating is 3 and the second is 6.
“The B- issuer credit rating reflects MIC Glen's high leverage, sustained at about 6x. The acquisition will lead to funded debt of $585 million, a 30% increase from pre transaction levels. This leads to S&P Global Ratings-adjusted leverage increasing to about 6x on a pro forma basis, from about 5x at year-end 2020. We expect MIC Glen's financial policies to remain aggressive under its new private equity sponsor Mubadala Capital,” the agency said in a press release.
The outlook is stable.
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