S&P rates StubHub loan B-

S&P said it assigned B- issue-level and 3 recovery ratings to StubHub Holdings Inc.'s planned $1 billion and €452 million senior secured first-lien term loans due 2030. The 3 recovery rating indicates average (30%-50%; rounded estimate: 50%) recovery in default. StubHub Holdco Sub LLC, a direct subsidiary of StubHub Holdings Inc., is the borrower of the senior secured debt facilities.

The ratings are the same as those of StubHub’s outstanding senior loans.

The company plans to use the $1 billion loan to fully repay its $321 million first-lien term loan add-on and repay at least $679 million of its $1.6 billion first-lien term loan, effectively extending the maturities to 2030 from 2027. The €452 million loan will be used to repay its €452 million senior secured first-lien term loan, also effectively extending the maturity to 2030 from 2027. Additionally, the proposed transaction would extend the maturity date of StubHub's revolver by three years to March 2028.

The outlook is stable.

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