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Recovery Report: Marsico Parent Co. LLC?s $1.225 Billion Senior Secured Financing Nov 07
Standard & Poors, November 2007
On Nov. 8, 2007, Standard & Poor's Ratings Services assigned its issue-level and recovery ratings to Marsico Parent Co. LLC's (Marsico) planned $1.225 billion senior secured credit facilities, consisting of a $1.2 billion seven-year term loan and a $25 million revolving credit facility. The loan rating is 'B+' (one notch higher than the counterparty credit rating on the company) and the recovery rating is '2', indicating that lenders can expect substantial (70% to 90%) recovery in the event of a payment default. (These ratings are based on preliminary terms and conditions.) The credit facilities are part of a $2.7 billion financing package at Marsico and its parent companies to finance the $2.6 billion management buyout from Bank of America Corp....
Companies mentioned in this report are: Bank of America Corp.
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
Bank of America Corp.