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S&P gives B to OSP Group loan
Standard & Poor's said it affirmed its B corporate credit rating on OSP Group Inc.
The outlook is stable.
At the same time, the agency assigned a B issue-level rating with a 3 recovery rating to the company's $465 million first-lien secured term loan due 2021. The 3 recovery rating indicates an expectation of meaningful (50% to 70%) recovery in the event of a payment default.
S&P also affirmed its CCC+ issue-level rating and 6 recovery rating on the $145 million second-lien secured term loan (with $40 million of incremental debt added), also due 2021. The 6 recovery rating indicates an expectation for negligible (0% to 10%) recovery of principal in the event of a payment default.
It will withdraw the ratings on the existing $374 million first-lien term loan once the transaction has closed.
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