Fitch assigns HRNI, B, loan B+

Fitch Ratings said it assigned HRNI Holdings, LLC, formerly Spectacle Gary Holdings, LLC, an expected B long-term issuer default rating and gave expected B+/RR3 ratings to HRNI's announced $415 million senior secured term loan B.

“HRNI's IDR reflects its b- stand-alone credit profile (SCP) with a one-notch uplift related to its relationship with Seminole Hard Rock Entertainment, Inc. (BBB-/stable) and Seminole Hard Rock International, LLC (BBB-/stable); collectively SHRE,” Fitch said in a press release.

Fitch said it estimates a pro forma gross leverage (total debt/EBITDA) of 4.4x, which should decline towards 4x by 2022. “This is strong in the context of the SCP, but will increase in the medium-term due to cannibalization from competitive openings in the Chicagoland market.”

The outlook is stable.

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