S&P revises Charter NEX view to stable, rates loan B

S&P said it revised its outlook on Charter NEX US Inc. and its subsidiary Charter NEX US Holdings Inc. to stable from negative and affirmed the B issuer credit rating on the company.

S&P affirmed the B issue-level rating on the company's existing $610 million first-lien term loan and existing $75 million revolving credit facility (to be upsized to $100 million as part of this transaction).

The agency assigned a B issue-level rating and 3 recovery rating to the company's proposed $660 million incremental first-lien term loan.

The company is also upsizing its existing revolver to $100 million from $75 million and issuing $50 million in senior unsecured notes (unrated).

Charter NEX US is acquiring Next Generation Films Inc.

“The stable outlook reflects our expectation for adjusted debt to EBTIDA to fall below 7x in the next 12 months through favorable operating trends,” S&P said in a news release.

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