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S&P ups Smile Brands view, rates loan B-
Standard & Poor's said it revised its outlook to stable from negative on Smile Brands Group Inc. and affirmed its B- corporate credit rating on the company.
At the same time, S&P assigned a B- (the same as the corporate credit rating) issue-level rating with a 3 recovery rating to the company's proposed $310 million credit facility. The 3 recovery rating indicates an expectation of meaningful (50%-70%) recovery of principal for lenders in the event of a payment default.
The proposed credit facility will consist of a $50 million revolver due 2018 and a $260 million term loan due 2019.
The company will use the proceeds of the new credit facility to refinance its existing credit facility.
"The outlook revision reflects our expectation that the company's liquidity will be adequate over the near term," said S&P credit analyst Gail Hessol in a news release.
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