S&P rates Hemisphere Media incremental loan B+

S&P said it assigned its B+ issue-level rating and 2 recovery rating to the $50 million senior secured incremental term loan due 2024 issued by Hemisphere Media Group Inc.'s subsidiary Hemisphere Media Holdings LLC.

The 2 recovery rating indicates an expectation for substantial (70%-90%; rounded estimate: 70%) recovery for lenders in the event of a payment default.

Hemisphere used the proceeds from this loan, along with cash on hand, to purchase Lionsgate Entertainment Corp.'s remaining 75% ownership stake in Spanish-language subscription video on demand service (SVOD) service Pantaya. The transaction closed on March 31.

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