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S&P rates Access facilities B
S&P said it assigned B issue-level ratings to Access CIG LLC's planned first-lien term loan and revolver. The 3 recovery rating on the new debt indicates meaningful recovery (50%-70%; rounded estimate 55%) in a hypothetical default.
The ratings are the same as those on Access’ outstanding first-lien debt. S&P rates its second-lien debt CCC+ with a 6 recovery rating (0%).
“We expect the transaction to be leverage neutral and proceeds will be used to refinance the company's existing revolver and first-lien debt,” S&P said in a press release.
The outlook is negative.
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