S&P gives Aspen notes BB+

S&P said it gave a preliminary BB+ issue rating to the $500 million, senior secured payment-in-kind toggle notes due in 2025, to be issued by Aspen Group Inc.’s two new financing subsidiaries Highlands Holdings Bond Issuer Ltd. and Highlands Holdings Bond Co-Issuer Inc. S&P also assigned BB+ issuer ratings to the two companies.

Proceeds will be used to make a distribution Aspen shareholder Apollo and to give the group added funds.

S&P affirmed its ratings on Aspen.

The outlook is stable.

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