S&P rates Access CIG delayed-draw loan B

S&P said it gave a B rating to Access CIG’s new $50 million delayed draw first-lien term loan with a recovery rating of 3.

S&P said it affirmed all its ratings for Access, including the B issuer credit and issuer level ratings on the first-lien term loans. The recovery rating remains 3. The company is issuing a $150 million incremental first-lien term loan.

It also affirmed CCC+ issue rating on the second-lien term loans. The recovery rating remains 6.

“The affirmation reflects our view that the proposed incremental debt issuance is largely credit neutral and consistent with our previous expectations of Access continuing to seek growth through debt-funded acquisitions,” S&P said in a press release.

The outlook is stable.

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