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Bankrate's Proposed $280M Senior Secured Notes Rated Preliminary 'B' Jun 10
Standard & Poors, June 2010
Abstract
North Palm Beach, Fla.-based Bankrate Inc., a leading online aggregator for information on financial products, is proposing to issue $280 million of senior secured notes due 2015. The company plans to use proceeds from the offering to acquire NetQuote Inc. and CreditCards.com for $205 million and $145 million, respectively. We are assigning the notes a preliminary issue rating of 'B' and expect to assign a recovery rating of '4' upon the transaction's closing. We also expect to assign the company a 'B' corporate credit rating with a stable outlook once the transaction closes. The expected stable rating outlook reflects our view that operating performance is improving and that the company will maintain moderate leverage and generate healthy discretionary cash flow....
Companies mentioned in this report are: Bankrate Inc.
Action: New Rating
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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