S&P assigns Sheridan Holding loan BB-

S&P said it assigned a BB- rating to the $100 million debtor-in-possession facility provided to Sheridan Holding Co. II, LLC.

“Our BB- DIP rating on the $50 million new money term loan and also the $50 million roll-up term loan primarily reflects our view of the credit risk borne by the DIP lenders and is not indicative of any ratings that we may assign to exit facilities or the reorganized firm after bankruptcy. The DIP facility is required to be repaid prior to emergence,” said S&P in a press release.

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