S&P rates United Talent, facility B+

S&P said it gave United Talent Agency LLC and its planned first-lien credit facility B+ ratings. The facility’s recovery rating is 3.

The company is issuing a first-lien credit facility comprising a $100 million revolver and a $300 million term loan that will be used to repay all existing debt, fund a $25 million distribution, and add about $80 million to cash on the balance sheet.

“We forecast UTA to maintain S&P Global Ratings-adjusted leverage below 5x over the next 12 months, declining from about 5.5x as of Dec 31, 2020. We expect the decline to be largely driven by the recovery after the pandemic in 2021 and 2022, increasing revenue and EBITDA growth.,” S&P said in a press release.

The outlook is stable.

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