S&P ups Herschend, rates loan B+

S&P said it raised Herschend Entertainment Co. LLC’s issuer rating to B+ from B and gave B+ and 3 recovery ratings to the company’s planned $475 million term loan due 2028.

“The upgrade to B+ reflects our expectation that Herschend's investment and leverage policy, and a sustained attendance recovery in the company's theme parks, could keep leverage below 5x,” the agency said in a press release.

Herschend plans to use the proceeds and cash to refinance its existing term loan B due 2026.

The outlook is stable.

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