TEXT-S&P: New Academy Finance note rating unaffected size increase
Dec 14 - Standard & Poor's Ratings Services today said that its ratings on Katy, Texas-based New Academy Finance Co. LLC and subsidiaries are unaffected by the upsizing of the recently rated holding company senior notes. Academy increased the size of the notes to $500 million from the proposed amount of $400 million. The additional proceeds from the senior notes will be used for a larger dividend. Pro forma leverage remains in the high-6x area. The rating on the notes is 'CCC+' with a recovery rating of '6', indicating our expectation for negligible (0% to 10%) recovery for lenders in the event of a payment default. The corporate credit rating on New Academy Finance Co. LLC is 'B' and the outlook is stable.
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