S&P rates Alterra Mountain loan B

S&P said it rated Alterra Mountain Co.’s planned $1.848 billion first-lien term loan due 2028 B with a 4 recovery rating. The 4 recovery rating on the loan indicates an expectation for average (30%-50%; rounded estimate: 45%) recovery in default.

Alterra also plans to extend the maturity on its $450 million first-lien priority revolving credit facility to 2024 from 2022.

The company will use the proceeds to refinance term loan debt.

S&P also affirmed Alterra’s B issuer rating and changed the outlook to stable from negative.

“The stable outlook reflects an assumed normal 2021/2022 ski season with limited restrictions and material debt prepayment that causes our forecast for S&P Global Ratings-adjusted leverage to improve to approximately 6x in fiscal 2022,” the agency said in a press release.

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