S&P rates Zebra Technologies refinanced loan

S&P said it assigned a BBB- rating to Zebra Technologies Corp.’s refinanced revolver and term loan with a recovery rating of 2. The 2 recovery rating indicates S&P’s estimate of substantial (70%-90%; rounded estimate: 85%) recovery for lenders in the event of a payment default.

Zebra’s capital structure consists of a $1 billion revolver and a $1 billion term loan. Zebra’s term loan B was repaid.

The BB+ issuer credit rating is unchanged. S&P considers the transaction leverage neutral.

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