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S&P trims Golden Nugget loans
S&P said it lowered its issue-level rating on Golden Nugget LLC's expected senior secured facilities to B from B+ following the company's $600 million upsizing of the proposed issuance.
“Specifically, Golden Nugget upsized the term loan to $3.45 billion, from $1.85 billion initially, and downsized the senior secured notes to $850 million, from $1.85 billion initially. We revised our recovery rating on the senior secured facilities, which also include its proposed $500 million revolver, to 3 from 2. The downgrade reflects the reduced recovery prospects for the company's senior secured lenders given the larger amount of secured debt relative to its overall debt,” S&P said in a press release.
The CCC+ issue-level rating and 6 recovery rating on Golden Nugget's downsized senior unsecured notes are unchanged. The company reduced the unsecured note issuance to $1.25 billion from the originally planned $1.85 billion
The outlook is stable.
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