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S&P rates CD&R TZ loans B
S&P said it assigned a B corporate credit rating on CD&R TZ Purchaser Inc.
The outlook is stable.
The agency also said it assigned B ratings the company's planned five-year $40 million revolver and seven-year $185 million first-lien term loan with 3 recovery ratings, indicating 50% to 70% expected default recovery.
S&P said that funds controlled by Clayton Dubilier & Rice LLC are acquiring direct-to-consumer insurance distributor Tranzact Holdings LLC. Its parent company is CD&R TZ Purchaser, which is issuing the debt.
The B rating on Tranzact is based on the company's weak business risk profile and highly leveraged financial risk profile, the agency said.
The rating also considers Tranzact's weak business risk profile, small size and scale per its revenue and EBITDA base, limited business scope and substantial carrier concentrations, S&P said.
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