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S&P: First Data first-lien notes BB, second-lien B
Standard & Poor’s said it assigned a BB rating and 1 recovery rating to First Data Corp.’s proposed $1 billion first-lien notes due 2024.
The 1 recovery rating indicates 90% to 100% expected default recovery.
S&P also said it assigned a B rating and 5 recovery rating to the company’s proposed $2.2 billion second-lien notes due 2024. The 5 recovery rating indicates 10% to 30% expected default recovery.
The proceeds will be used to repay the company’s $1 billion 8¾% second-lien notes due 2022 and $2 billion 8¼% second-lien notes due 2021.
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