S&P rates GlobalTranz loan B-

S&P said it assigned a B- issuer credit rating to GlobalTranz Enterprises LLC, along with a B- rating and 3 recovery rating to its proposed $310 million first-lien term loan and $75 million revolving credit facility.

Providence Equity Partners announced that it intends to acquire GlobalTranz Enterprises from the Jordan Co., S&P said.

GlobalTranz will finance the acquisition with a $465 million first-lien credit facility comprising a $75 million revolving credit facility due 2024, $310 million term loan due 2026, $80 million delayed draw term loan due 2026, $85 million second-lien term loan and an equity contribution from Providence, the agency said.

The stable outlook reflects an expectation that GlobalTranz will successfully integrate its recent acquisitions and benefit from organic growth while its leverage remains elevated over the next 12 months, S&P said.

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