S&P rates C1 Investment loan B

S&P said it assigned a B issue-level rating and 3 recovery rating to C1 Investment Corp.'s proposed $430 million first-lien term loan. The 3 recovery rating indicates an expectation of meaningful (50% to 70%; rounded estimate: 50%) recovery in the event of default.

The B corporate credit rating and stable outlook remain unchanged.

S&P said it expects the company to use the proceeds from this offering to retire its existing $330 million first-lien term loan and $80 million second-lien term loan. The transaction will not materially affect leverage.

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