S&P affirms Lonestar Intermediate, Asurion

Standard & Poor's said it affirmed its B+ counterparty credit ratings on Lonestar Intermediate Super Holdings LLC, a wholly owned subsidiary of NEWAsurion Corp., and its operating subsidiary, Asurion LLC.

According to S&P, NEWAsurion Corp., as part of a subsidiary refinance, is replacing $875 million of existing debt with a $300 million second-lien term loan and a $575 million first-lien term loan under the same terms and conditions as the existing Asurion LLC loans.

The recovery rating on the company's first-lien term loan and revolving credit facility is 2, the recovery rating on the company's second-lien term loan is 6 and the recovery rating on the company's senior unsecured term loans facilities is 6.

"The affirmation reflects our view that the overall leverage position of the group will not change upon completion of the transaction," said S&P credit analyst Polina Chernyak in a news release.

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