S&P assigns B+, CCC+ to GI Revelation loans

S&P said it assigned its B corporate credit rating to GI Revelation Acquisition LLC. The outlook is stable.

S&P also assigned a B+ issue-level and 2 recovery ratings to the company's senior secured credit facilities, which consist of a $50 million revolving credit facility expiring in 2023 and $415 million term loan B maturing in 2025. The 2 recovery rating indicates an expectation for meaningful recovery of principal (70%-90%; rounded estimate: 70%) in the event of default.

In addition, S&P said it assigned its CCC+ issue-level and 6 recovery ratings to the company's $150 million second-lien term loan expiring in 2026. The 6 recovery rating indicates an expectation for negligible recovery of principal (0%-10%; rounded estimate: 0%) in the event of default.

“Our B rating on GI Revelation is based on the combined company's pro forma leverage of roughly 7x and its positioning in the relatively fragmented LPO market. The company's 87% reoccurring revenue from repeat customers and increased scale from the acquisition partly offset these risks,” S&P said in a news release.

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