S&P affirms Prism loan, ups Penton to B

Standard & Poor's said it affirmed its loan and recovery ratings on the secured loan facilities of co-borrowers Prism Business Media Inc. (B/negative) and Penton Media Inc. (B/negative), following the company's $36.5 million addition to its first-lien tranche and $24 million reduction of its second-lien tranche.

The secured financing package consists of a $620 million first-lien term loan due 2013, an $80 million first-lien revolving credit facility due 2012 and a $266 million second-lien term loan due 2014, the agency said, noting that the first-lien facilities are rated B+ with a recovery rating of 1, while the second-lien facilities are rated CCC+ with a recovery rating of 5.

At the same time, S&P said it raised its corporate credit rating on Penton Media Inc. to B from CCC+ and removed the rating from CreditWatch following the completion of the acquisition of the company by Penton Media Holdings Inc., which acquired Prism Business Media Holdings Inc.

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