S&P gives One Call facilities B-

S&P said it gave One Call Corp.’s proposed first-lien facilities, consisting of a $50 million revolver due 2026 and a $700 million term loan B due 2027. The recovery rating is 3, indicating an expectation of meaningful (50%-70%; rounded estimate: 65%) recovery in default. The proposed $450 million second-lien facility will be unrated.

The company will use the facilities to refinance its debt. “The proposed transaction, if executed successfully, could lower the cost of capital and remove any refinancing risk related to the company's existing first-lien term loan and revolver maturities in the second half of 2022. Following the proposed refinancing, the company will have no maturities until 2024, when its $75 million accounts receivable facility matures,” S&P said in a press release.

The agency also affirmed One Call’s ratings and revised the outlook to stable from negative, citing its “stabilizing performance in the second half of 2020.”

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.