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S&P assigns B+ to NCR ATMCo notes
S&P said that it assigned its B+ issue-level rating to NCR ATMCo LLC's (NCR Atleos post-separation) planned senior secured notes. The recovery rating is 3.
Its outstanding senior secured credit facilities are also rated B+.
The notes will be issued in conjunction with NCR Corp.'s (NCR Voyix post-separation) pending spinoff of NCR ATMCo. Initially, the notes will be offered by NCR Atleos Escrow Corp. (a wholly owned subsidiary of NCR Atleos), which will merge with NCR Atleos upon closing.
The proceeds will help fund an about $2.8 billion distribution to NCR, to repay a portion of debt, including its 5¾% notes due 2027 and 6 1/8% notes due 2029.
The outlook is stable.
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