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S&P gives OpenLink, facilities B-
S&P said it assigned its a B- corporate credit rating to OpenLink International Holdings Inc.
The outlook is stable.
At the same time, the agency assigned a B- issue-level rating and 3 recovery rating to OpenLink's new $520 million first-lien term loan maturing March 2025 and $21 million revolver due March 2023.
The 3 recovery rating indicates an expectation for meaningful (50%-70%; rounded estimate: 60%) recovery in the event of a payment default.
Ion Investment Group recently agreed to purchase a controlling stake in OpenLink from Hellman & Friedman. The company will refinance its entire debt load with the first-lien term loan revolving credit facility.
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