S&P rates DexKo loan B-

S&P said it assigned B- issue-level and 3 recovery ratings to DexKo Global Inc.'s planned $300 million first-lien term loan due 2028. The 3 recovery rating indicates meaningful (50%-70%; rounded estimate: 55%) recovery if DexKo defaults.

“The proposed transaction does not affect our B- issuer credit rating or stable outlook on DexKo because it is largely debt for debt,” S&P said in a press release.

The company intends to use the proceeds to refinance its $225 million first-lien seller's note, repay about $64 million in asset-based lending borrowings, and pay associated fees and expenses.

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