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Bankrate Inc.'s $300M Senior Secured Notes Assigned Final Rating Of 'B' (Recovery Rating: 4) Jul 10
Standard & Poors, July 2010
Abstract
U.S.-based Bankrate Inc., a leading online aggregator for information on financial products, has completed the issuance of $300 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 our final issue rating of 'B' and a recovery rating of '4'. In addition, we are assigning the company a 'B' corporate credit rating with a stable outlook. The 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. CHICAGO (Standard & Poor's) July 9, 2010--Standard & Poor's Ratings Services today assigned its...
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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