Fitch rates NEP facility B

Fitch Ratings said it assigned a B/RR3 to NEP Group Inc.’s new $100 million incremental first-lien secured term loan and $25 million first-lien secured delayed draw term loan facility, which are co-borrowed by NEP, NEP/NCP Holdco, Inc., and NEP II, Inc.

The agency also affirmed the B- issuer default ratings of NEP Group, downgraded the first-lien secured issue-level ratings by one notch to B from B+ and affirmed the CCC second-lien secured issue-level ratings. Fitch also removed the rating watch negative on NEP’s rating, and assigned a negative outlook.

“The rating actions reflect Fitch’s expectations for NEP Group’s cash flow profile to gradually normalize as live sports broadcasts return across major sports leagues. Fitch views the incremental term loan issuance and delayed draw term loan commitment positively in the near term, as the facilities will bolster liquidity to support debt service and operations in NEP’s return to a more normalized state,” Fitch said in a press release.

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