S&P gives Shift4 notes B

S&P said it assigned a B rating Shift4 Payments Inc.’s $450 million of senior unsecured notes. The notes are being issued by subsidiary Shift4 Payments LLC.

Proceeds are expected to be used to repay a first-lien term loan due in 2024 fully. The recovery rating is 4, indicating an expectation of average (30%-50%; rounded estimate: 30%) recovery of principal in the event of a payment default.

“We are also raising the rating on the $90 million revolving credit facility due in 2022 to BB- from B, commensurate with lower secured debt in the capital structure. The recovery rating is 1, reflecting our expectation of very high (rounded estimate: 95%) recovery of principal in the event of a payment default,” S&P said in a press release.

The B issuer credit rating and stable outlook on Shift4 are unchanged, S&P said.

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