S&P: Moxie Liberty loan B+

Standard & Poor's said it assigned B+ ratings to Moxie Liberty LLC's $435 million secured term loan B-1, $150 million term loan B-2 and $42 million LOC facility.

The agency also said it assigned a 1 recovery rating to the debt.

The outlook is stable.

The term loan B will consist of a first-draw $435 million loan, upsized from $358 million, and a $150 million delayed-draw loan. The 12-month delayed-draw loan will be priced now, but will carry a 2% commitment fee. Almost $363 million in equity is cash-funded at close, S&P said.

The 1 recovery rating on the bonds indicates 90% to 100% expected default recovery.

The ratings are constrained because of construction-related risks, the agency said.

The outlook is stable and will likely remain at the current level as the project proceeds through the construction phase, said Aneesh Prabhu, an S&P analyst.

Near-term downside risks can emerge if the project has construction delays that extend beyond six months, Prabhu said.

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