S&P gives Newfold notes B

S&P said it gave B issue and 3 recovery ratings (50%-70%; rounded estimate: 60%) to Newfold Digital Holdings Group Inc.’s planned $500 million of first-lien notes.

The agency affirmed Newfold’s B issuer rating. The assigned ratings are the same as S&P’s ratings on the company’s other senior secured debt.

Newfold plans to use the proceeds to fund a $400 million dividend an buy back $100 million of its unsecured debt in the open market.

The outlook is stable.

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