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.

Latest Press Release

Wecash Named One of the Top 50 Chinese Global Brands by Facebook and KPMG

Wecash, a fintech company that specializes in financial products powered by smart phones, was named one of the 2018 Top 50 Chinese Global Brands by Facebook and KPMG. Wecash was featured in the list alongside other industry leaders such as Tencent, Ant...

Photo Release: WHA Group Meets Investors, Q2/2018 Opportunity Day

WHA Group, led by Ms. Jareeporn Jarukornsakul (right), Chairman and Group CEO, together with Mr. Arttavit Chalermsaphayakorn (left), Chief Financial Officer of WHA Corporation Pcl., had recently presented the Company's Q2/2018 information at "Opportunity...

USD120,000 at stake in CIMBs 3D Conquest to unearth ASEANs top #digital talents Competition sets path for nurturing crucial skills in data science, FinTech and coding among tertiary students

CIMB Group Holdings Berhad ("the Group" or "CIMB") has launched the CIMB 3D Conquest, a competition that aims to identify and attract ASEAN's top creative, young digital talent with an agile and entrepreneurial mindset. Open to all tertiary students, the...

Allianz to become Worldwide Olympic Insurance Partner

The International Olympic Committee (IOC) and Allianz today announced that the insurer will join the "Worldwide Olympic Partner" (TOP) Programme in 2021. Through this sponsorship agreement, Allianz will work with the IOC to provide innovative and...

BYFX Global Co., Limited Announces Business Launch

BYFX Global Co., Limited (BYFX Global) today announced the launch of its retail and institutional business -- offering clients around the globe top-tier liquidity and online OTC trading for Spot FX and Spot Bullion[1]. Striving towards financial...

Related Topics