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S&P rates HS Midco facility B-
S&P said it assigned B- ratings to HS Midco Inc., which does business as HelpSystems, and to the company’s $60 million revolving credit facility, $725 million first-lien term loan, and $50 million first-lien, delayed-draw term loan. The agency also assigned a 3 recovery rating.
“Our rating on HS Midco Inc. reflects pro forma leverage in the mid-7x area as of Sept. 30, 2019, which we expect to decrease to the low-7x area in 2020,” said S&P in a press release.
TA Associates and Charlesbank Capital Partners are acquiring a 55% stake in the company.
The outlook is stable.
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