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S&P rates Clarion, facilities B-
S&P said it assigned its B- long-term issuer credit rating to Comet Bidco Ltd. (Clarion Events Ltd.). The outlook is stable.
At the same time, the agency assigned its B- issue rating to the group's proposed $230 million senior secured term loan. The recovery rating is 3, indicating an expectation of average (50%-70%, rounded estimate: 50%) recovery in the event of payment default.
The agency also assigned its B- issue rating to the group's existing £315 million senior secured term loan B1, $190 million senior secured term loan B2 and revolving credit facility, which the group has proposed increasing by £25 million to £75 million.
The recovery rating is 3, indicating average (50%-70%, rounded estimate: 50%) recovery.
The agency said the ratings reflect a view that following the acquisition of PennWell and issuance of $230 million of new debt, Clarion's pro forma S&P-adjusted leverage will be commensurate with a B- rating.
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