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S&P gives Ascend Learning loan B-
S&P said it assigned Ascend Learning LLC’s planned $350 million incremental term loan due 2024 a B- with a 3 recovery rating.
Ascend plans to use the proceeds and about $48 million of cash on hand to fund a $390 million dividend to its financial sponsors and pay related transaction fees.
The agency downgraded Ascend’s first-lien credit facility to B- from B. It revised the recovery rating to 3 from 2, to reflect the increase in first-lien debt and decline in recovery prospects from the planned transaction. The 3 recovery rating reflects expectations of a meaningful (50%-70%; rounded estimate: 65%) recovery in a default.
S&P also affirmed the CCC rating on the company’s unsecured notes and 6 recovery rating.
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