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S&P assigns Allegiant notes BB-
S&P said it rated Allegiant Travel Co.’s planned $500 million of senior secured notes due 2027 BB- with a 2 recovery rating. The 2 recovery rating indicates substantial (70%-90%; rounded estimate: 70%) recovery in default. The issuer also plans to secure an unrated $75 million revolver due 2027, expected to be undrawn at close.
“Our issue-level rating on Allegiant's existing $150 million senior secured notes due 2024 remains BB-. Our 2 recovery rating is unchanged, though we revised our rounded estimate to 70% from 75% based on the company's revised capital structure,” S&P said in a press release.
The company intends to use proceeds and some cash on hand, to repay its outstanding $533 million term loan B due February 2024.
The outlook is stable.
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