S&P rates Brave Parent loan B-

S&P said it assigned its B- corporate credit rating to Brave Parent Holdings Inc. (doing business as Bomgar Corp.). The outlook is stable.

At the same time, S&P assigned a B- issue-level and 3 recovery ratings to the company's $240 million first-lien senior secured term loan due in 2025. The 3 recovery rating indicates an expectation of meaningful (50-70%; rounded estimate: 65%) recovery in the event of default.

“Our rating is based primarily upon Brave Parent's substantial debt burden of nearly 12x adjusted EBITDA, including contribution from the acquisition of Lieberman Software, which closed Feb. 1, 2018, and the company's limited scale and track record in IT security markets. We view rapid growth, solid cash flow generation, and potential for margin expansion capability from operating leverage as strengths,” S&P said in a news release.

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