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S&P gives Golden Nugget notes B+, CCC+
S&P said it gave B+ issue-level and 2 recovery ratings to Golden Nugget LLC's planned $1.85 billion of senior secured notes due 2029. The 2 recovery rating indicates an expectation for substantial (70%-90%; rounded estimate: 70%) recovery in default.
The agency also assigned CCC+ issue-level and 6 recovery ratings to Golden Nugget's proposed $1.85 billion of senior unsecured notes due 2030. The 6 recovery rating indicates an expectation for negligible (0%-10%; rounded estimate: 0%) recovery in default.
“The refinancing transaction will bolster the company's cash balance, which it will use a portion of to fund a $250 million dividend to its owner, Tilman Fertitta. Our B issuer credit rating and stable outlook on Golden Nugget reflect its highly leveraged capital structure and our expectation that its good performance will support elevated EBITDA and cash generation,” the agency said in a press release.
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