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S&P rates Air Newco loan B-
S&P said it assigned its B- issue rating to Air Newco 5 Sarl's proposed upsized £488 million first-lien term loan.
The recovery rating is 3 (rounded estimate: 50%).
The agency said it expects that the company will use proceeds from the transaction to refinance the outstanding £139 million second-lien term loan.
S&P said it will withdraw the issue rating of CCC on the second-lien facility once the transaction closes.
“The drop in the recovery percentage of the proposed first-lien debt package to the lower end of the 3 recovery rating reflects the removal of subordinated debt under the new structure, resulting in a high level of equally ranking first-lien debt,” the agency said in a news release.
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