S&P gives Meredith notes BB-

S&P said it assigned its BB- rating and 1 recovery rating to Meredith Corp.’s proposed $300 million of senior secured notes due 2025. The 1 recovery rating indicates an expectation for very high (90%-100%; rounded estimate: 90%) recovery for lenders in the event of a default.

Meredith will use the proceeds, its previously announced $410 million term loan and cash from its balance sheet to redeem $650 million of preferred equity and cover its call premium, accrued dividends, and transaction-related expenses.

The company’s B rating and negative outlook are unaffected by the offering, S&P said.

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