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Bankrate Inc.'s Senior Secured Notes Ratings Remain Unchanged After Upsizing To $300M Jun 10
Standard & Poors, June 2010
Abstract
NEW YORK (Standard & Poor's) June 29, 2010--Standard & Poor's Ratings Services said today that its ratings on Bankrate Inc.'s senior secured notes due 2015 remain unchanged following the company's upsizing of the deal to $300 million from $280 million. The notes are rated preliminary 'B', and we expect to assign them a recovery rating of '4' upon the transaction's closing. The company plans to use net proceeds to help fund the acquisition of NetQuote Inc. and CreditCards.com for $205 million and $145 million, respectively. We also expect to assign the company a 'B' corporate credit rating with a stable outlook once the transaction closes. (Also see Standard & Poor's research report on Bankrate dated June 22, 2010.) RATINGS LIST...
Companies mentioned in this report are: Bankrate Inc.
Action: Affirmed
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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