S&P rates Anthology loan B-

S&P said it affirmed its B- issuer credit rating on Astra Acquisition Corp. (dba Anthology).

S&P also assigned its B- issue-level and 3 recovery ratings to the company's proposed first-lien facilities. The second lien is not rated.

The outlook is stable.

Astra Acquisition will issue about $1.94 billion of debt to fund the acquisition of Blackboard Inc. The debt package will include a $140 million revolving credit facility, a $1.3 billion first-lien term loan and a $500 million second-lien term loan.

“We expect S&P Global Ratings-adjusted leverage to be in the 9x-10x range and the company to generate positive free cash flow in the 12 months post deal close,” S&P said in a news release.

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