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S&P rates Securus Holdings loan B
Standard & Poor's said it assigned its B corporate credit rating to Securus Holdings Inc., which is the new holding company for Securus Technologies Inc., along with a B issue rating and 3 recovery rating to Securus Technologies' proposed $170 million term loan and $40 revolving credit facility.
This follows the company's plans to refinance its existing bank loan with a new financing package that will extend nearly $200 million of debt maturities from 2011 to 2014-2015, S&P said, and provide revolving credit availability through 2014.
Despite a challenging economy that constrained revenue levels in 2009, the company has been able to remain net free cash flow positive after capital expenditures, the agency said, and is likely to be net cash flow neutral to modestly positive on an ongoing basis.
The ratings also reflect the company's highly leveraged financial risk profile, the agency said.
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