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S&P gives B to OneDigital loans
S&P said it assigned Achilles Acquisition LLC (d/b/a OneDigital) its B long-term issuer credit rating. The outlook is stable.
At the same time, the agency assigned a B debt rating and 3 recovery rating to the company's proposed $590 million credit facilities, which consist of an $80 million revolver due 2023, a $460 million first-lien term loan due 2025, and a $50 million delayed-draw term loan (S&P expects it to remain undrawn at the time of closing). The 3 recovery rating indicates an expectation of meaningful recovery (50%-70%; rounded estimate: 50%) in the event of a payment default.
The B rating on OneDigital reflects the company's weak business risk profile and highly leveraged financial risk profile, S&P said in a news release.
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