S&P rates Subcom loan B+

S&P said it assigned B+ issue-level with 3 recovery ratings to the $1.35 billion term loan that Crown Subsea Communications Holding Inc. (Subcom) plans to borrow.

The ratings are in line with those of Subcom’s outstanding loans.

Subcom will use the proceeds along with cash on balance sheet to refinance the $1.043 billion principal outstanding under its term loan due 2027 and pay a $482 million dividend to its financial sponsor, Cerberus Capital Management.

The outlook is stable.

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