S&P rates CSC ServiceWorks loans B-

S&P said it assigned B- issue and 3 recovery ratings to Spin HoldCo Inc.’s (CSC ServiceWorks) planned $140 million revolving credit facility due in 2026 and $2 billion term loan due 2028.

The company will use the senior secured term loan to refinance its $1.97 billion of debt.

“The anticipation of modest interest savings, improved covenant headroom, maturity extension, and an upsized revolving credit facility to $140 million from $120 million are positive credit developments,” S&P said in a press release.

The agency also affirmed CSC ServiceWorks’ B- issuer rating, and the outlook remains stable.

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