S&P rates KLDiscovery B-, ups loans

S&P said it rated KLDiscovery Inc. B- and raised the rating on its existing first-lien credit facilities to B from B-. The recovery rating on the credit facility remains 2.

The outlook is stable.

LD Intermediate Holdings Inc. has merged with KLDiscovery Inc. The transaction resulted in the repayment of $145 million of existing debt, including $20 million of revolving credit borrowings and $125 million of second-lien debt, about $34.2 million of pro forma cash, and the issuance of $200 million of 8% convertible debentures due 2024.

“The merger has improved the company's liquidity and financial flexibility,” the agency said in a news release.

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