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S&P rates SpecialtyCare B-, facilities B-, CCC
S&P said it assigned a B- corporate credit rating to KSPC Holdings Inc. (SpecialtyCare).
The outlook is stable.
At the same time, the agency assigned a B- issue-level rating and 3 recovery rating to the first-lien credit facility. The 3 recovery rating indicates expectations for meaningful (50%-70%; rounded estimate: 60%) recovery in the event of a default. The borrower of the debt is SCSG EA Acquisition Co. Inc.
In addition, S&P assigned a CCC issue-level rating and 6 recovery rating to SCSG EA Acquisition's second-lien term loan. The 6 recovery rating indicates expectations for negligible (0%-10%; rounded estimate: 0%) recovery in the event of a default.
KSPC is recapitalizing as part of its acquisition by private equity firm Kohlberg & Co. With the new debt financing, S&P said it expects pro forma leverage to be about 6.6 times for 2017.
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