Alliant Holdings, L.P. Ratings Unaffected By Repricing

Stocks and Financial Services Press Releases Friday January 20, 2017 08:54
NEW YORK--20 Jan--S&P Global Ratings

NEW YORK (S&P Global Ratings) Jan. 19, 2017-S&P Global Ratings said today that its 'B' corporate credit rating on Alliant Holdings L.P. and Alliant Holdings Intermediate LLC are unchanged following the company's announced refinancing and repricing of its term loan. The company is refinancing its existing $278.6 million term loan B-2 tranche by upsizing its original $1.3 billion term loan B by the same amount to create a single term loan tranche. Proposed pricing on the term loan is LIBOR plus 325 basis points with a 1% floor (a 25 basis point improvement on the original term loan and 75 basis point improvement on the B-2 tranche). Financial leverage of approximately 7x (pro-forma for full year effect of acquisitions closed in the last year) as of September 30, 2016 is unchanged post transaction, as debt levels stay the same. EBITDA interest coverage will see a modest benefit from the better pricing.

The recovery ratings for Alliant's senior secured debt, including the term loan due 2022 and a revolver due 2020, is a '3' (indicating an expectation of substantial [50%-70%] recovery in case of default; lower half of the range), following our recovery rating update in December 2016. The recovery rating on the company's second-lien senior secured debt remains '6'.

Simplified Recovery Waterfall
Emergence EBITDA: $178 mil.
Multiple: 6x
Gross recovery value: $1,070 mil.
Net recovery value for waterfall after admin expenses (5%): $1,017 mil.
Obligor/non obligor valuation split: 100%/0%
Estimated first lien claim: $1,772 mil.
Value available for first lien claim: $1,017 mil.
Recovery range: 50-70% (at the lower end)
Estimated senior unsecured notes claim: $557 mil.
Estimated senior secured deficiency claim: $754 mil.
Value available for unsecured claim: $0 mil.
Recovery range: 0-10%
Note: All debt amounts include six months of prepetition interest.

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