- Language: English
- Published: October 2012
Recovery Report: Fifth Third Processing Solutions LLC?s Recovery Rating Profile May 11
- ID: 1795008
- May 2011
- Standard & Poors
Fifth Third Processing Solutions LLC (FTPS) closed an amendment to upsize the first-lien term loan to refinance its $200 million second-lien term loan. In conjunction with the upsizing, the pricing on the first-lien term loan was revised downward. The company partitioned its previously proposed $1.775 billion first-lien term loan into two tranches: a $1.621 billion first-lien term B-1 loan and a $150 million first-lien term B-2 loan. Both tranches have the same security, guarantee, and covenant package as the initial first-lien credit facilities. The tranche B-1 has the same maturity as the previous first-lien loan, but tranche B-2 matures in 2017. As previously reported, the additional first-lien debt does not affect first-lien recovery ratings, but estimated first-lien recovery expectations move...
Companies mentioned in this report are:
- Vantiv LLC
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
- Vantiv LLC