S&P rates Academi loans B+, CCC+

Standard & Poor's said it assigned its B+ issue-level rating and 2 recovery rating to Academi Holdings LLC's $320 million first-lien debt due 2019, which comprises a $200 million term loan and a $120 million revolver ($30 million drawn at close).

At the same time, the agency assigned its CCC+ issue-level rating and 6 recovery rating to the company's $80 million second-lien term loan.

ERSM (International) Ltd. is a limited borrower under the $120 million revolver. The U.S. borrower will guarantee ERSM's obligations, but ERSM is only liable for obligations under the senior credit facility relating to its own borrowings.

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