S&P assigns McAfee notes B-, CCC+

S&P said it assigned B- issue-level and 3 recovery ratings to McAfee Corp.'s $1 billion of seven-year senior secured notes. The agency also assigned CCC+ issue-level and 5 recovery ratings to the company's $2.32 billion of eight-year senior unsecured notes.

The 3 recovery rating reflects an expectation for meaningful recovery (50%-70%; rounded estimate: 65%) in default, and the 5 recovery rating indicates an expectation for modest recovery (10%-30%; rounded estimate: 10%) in default.

McAfee intends to use proceeds to partially finance its previously announced acquisition by an investor group.

McAfee’s issuer rating remains B- with a stable outlook, S&P said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.