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S&P: AssuredPartners loan B
Standard & Poor’s said it assigned a B debt rating to AssuredPartners Capital Inc.’s planned $125 million incremental first-lien term loan.
The agency also said it assigned a recovery rating of 3 to this loan, reflecting 50% to 70% expected default recovery.
The proceeds will be used to fund pending acquisitions, repay its existing revolver balance and support its liquidity needs, S&P said.
Assured will issue the proposed new loan as a separate tranche governed by the same terms as Assured’s $420 million first-lien term loan issued March 2014, the agency said.
The incremental debt is not expected to change the company’s financial profile materially, S&P said, and it believes that the issuance and its use correspond with the company’s strategic plan.
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